Question

widen a highway, the state of Ohio obtains, through a judicial proceeding, title to the individual lots in a residential neighborhood. A subsequent proceeding will determin

Answer 1

A subsequent proceeding will determine the fair value of the property,

What is fair value of property?
The price at which a piece of property would exchange hands between a willing buyer and a willing seller, both of whom have reasonable knowledge of pertinent facts and are not under any obligation to buy or sell, is known as the fair market value. It's extensively utilized in a variety of financial contexts, particularly in tax and real estate transactions. However, auction houses and online for-sale listings also employ it. Although the fundamental concept is straightforward enough, the results of various sources and tools for determining this value might vary greatly depending on the specifics.
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