Summer 2009, Vol. 34, No. 2
Abstract: The legal concept of “Market Value” is applied by courts to determine the amount of just compensation for takings. This article finds that valuing sand and gravel property using the income approach is the most appropriate method of valuation, and that the court’s process of determining just compensation should use the same valuation process that is used in the open marketplace by owner/operators when buying or leasing land.