Private Property and Takings Compensation
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Private Property and Takings Compensation

Theoretical Framework and Empirical Analysis

Yun-chien Chang

This innovative volume offers a thorough breakdown of the issues surrounding takings compensation – payments made as reimbursement for government takeover of private property. Using examples from New York City and Taiwan, Yun-chien Chang discusses the advantages and disadvantages of different methods of compensation and offers insightful suggestions for future implementation.
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Chapter 4: Four assessment methods

Yun-chien Chang

Extract

This chapter deals with the four prototypical assessment methods and how they influence assessment costs and assessment accuracy. It reviews and critiques the models proposed by scholars and provides theoretical analysis of its own. The arguments here are a bit dismal. That is, no assessment method is accurate and low cost, and assessment accuracy is more difficult and expensive to attain than previously argued. This chapter argues that fair market value is probably best assessed by the ex post assessment by non-landowners method, whereas economic value is likely to be best assessed by the ex ante assessment by landowners method.

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