What is the test for determining the value of a property that was taken from a knowledgeable and willing buyer and seller?
California, United States of America
The following excerpt is from South Bay Irr. Dist. v. California-American Water Co., 133 Cal.Rptr. 166, 61 Cal.App.3d 944 (Cal. App. 1976):
Under the general rule, the knowledgeable and willing buyer and seller are assumed persons and the locale of their purchase and sale of the property taken is an assumed 'open market' Joint Highway Dist. No. 9 v. Railroad Co., supra, 128 Cal.App. 743, 757, 18 P.2d 413). The trier of fact, to the extent supported by the evidence, determines the price the seller and buyer would agree upon in the open market, subject only to the limitations imposed by Evidence Code section 813 which provides: '(a) The value of property may be shown only by the opinions of:
'(1) Witnesses qualified to express such opinions; and
'(2) The owner of the property or property interest being valued.
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