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severance damages |
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severance damages The compensation to a property owner after the government takes some portion of real property by condemnation under its eminent domain rights and,as a result,causes a decrease in value to the remaining property. Example: Annie's Corner Grocery received a $135,000 condemnation award when the city took one-half of the grocery's parking lot in order to expand the library, and an additional $200,000 in severance damages because the grocery store itself was now much less valuable with the smaller parking lot. Severance Damages Payment received because part of a property is condemned and the value of the retained part is thereby decreased. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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