What is the test for determining the value of a property?
Alberta, Canada
The following excerpt is from Pocklington v. Alberta (Provincial Treasurer), 1998 ABQB 279 (CanLII):
In National Capital Commission v. Lloyd Hobbs, 1970 CanLII 164 (SCC), [1970] S.C.R. 337, Abbott, J. referred to the manner in which value is to be determined, and at pp. 339 - 340 stated: Generally speaking, an owner is entitled to the value of the property to him, calculated on the basis of its highest and best use. This value may be the market value, but it may be more in those cases where, for some reason, the land has a special value to the owner beyond what it would have in similar use by somebody else. Where it is claimed that a property has a special value to the owner over and above its market value, the owner must adduce the facts necessary to prove this value, which must be such that it can be measured in terms of money. It is not sufficient for a claimant to say that he would pay a certain amount of money rather than be deprived of his property. There must be proof that the land has special advantages that gave it a special economic value for the expropriated party ...
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