Section 7 Heritage and Homestead Value
| Library | Condemnation Practice 2009 |
Among the changes to Missouri’s eminent domain law taking effect on January 1, 2007, was the creation of “homestead taking” and “heritage value.” Three sections of Chapter 523, RSMo, combine to define and explain how homestead taking and heritage value relate to compensation in condemnation cases. Section 523.001, RSMo Supp. 2008, defines three methods in determining “just compensation.” “Heritage value” is defined as the value assigned to real property that has been owned by the same family for 50 or more years. For these takings, the owner is to be awarded 150% of the fair market value of the...
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