WPI150.08Fair Market Value—Definition
6A WAPRAC WPI 150.08Washington Practice Series TMWashington Pattern Jury Instructions--Civil
6A Wash. Prac., Wash. Pattern Jury Instr. Civ. WPI 150.08 (7th ed.)
Washington Practice Series TM
Washington Pattern Jury Instructions--Civil
July 2019 Update
Part X-A. Eminent Domain
Chapter 150. Eminent Domain—General Instructions
WPI 150.08 Fair Market Value—Definition
Fair market value means the amount in cash that a well-informed buyer, willing but not obligated to buy the property, would pay, and that a well-informed seller, willing but not obligated to sell it, would accept, taking into consideration all uses to which the property is adapted or may be reasonably adaptable.
NOTE ON USE
Use this instruction in any condemnation trial in which the measure of compensation is the fair market value or the effect on the fair market value of the property.
Compensation is usually based on fair market value. Definitions of market value are found in State v. Rowley, 74 Wn.2d 328, 334, 444 P.2d 695 (1968); City of Medina v. Cook, 69 Wn.2d 574, 418 P.2d 1020 (1966); Donaldson v. Greenwood, 40 Wn.2d 238, 242 P.2d 1038 (1952); and State v. Wilson, 6 Wn.App. 443, 493 P.2d 1252 (1972). See Comments to WPI 150.05 (Measure of Compensation—Total Taking) and WPI 150.06 (Measure of Compensation—Partial Taking).
On the use of different costs as the measure of compensation, see Comments to WPI 151.07 (Costs—Reproduction or Replacement) and WPI 151.08 (Costs—Repairs to Remainder).
Special purpose properties. Measures of compensation other than market value have been applied to properties such as schools, parks, churches, and highways that have no market value or are rarely, if ever, bought or sold. See generally
4 Sackman, Nichols on The Law on Eminent Domain, § 12C.01 (rev. 3d ed.); Level, Evaluation of Special Purpose Properties in Condemnation Proceedings, 3 Urb. Lawyer 428 (1971). Cf. City of Tacoma v. Tacoma Light & Water Co., 17 Wash. 458, 50 P. 55 (1897) (price of private waterworks being sold to city was based in part on income valuation approach), overruled in part on other grounds in Parkhurst v. Elliott, 103 Wash. 89, 173 P. 731 (1918). In these situations, a special instruction should be drafted on the measure of compensation.
[Current as of October 2016.]
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