With full knowledge of all the uses and purposes for which the property is reasonably adaptable and available, what is the test for determining fair market value?
California, United States of America
The following excerpt is from City of Perris v. Stamper, 1 Cal.5th 576, 205 Cal.Rptr.3d 797, 376 P.3d 1221 (Cal. 2016):
with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available. (Id., 1263.320, subd. (a).) A jury should consider all those factors, including lawful legislative and administrative restrictions on property, which a buyer would take into consideration in arriving at the fair market value. (People ex rel. State Public Works Board v. Talleur (1978) 79 Cal.App.3d 690, 695696, 145 Cal.Rptr. 150 (Talleur ).)
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