24 Va. Admin. Code § 30-41-460
Current through Register Vol. 40, No. 22, June 17, 2024
Section 24VAC30-41-460 - Partial take of a typical residential siteA. Remaining buildable site. If the acquisition of a portion of a typical residential property causes the displacement of the owner from the dwelling and the remainder is a buildable residential site, VDOT will offer to purchase the entire property. If the owner refuses to sell the remainder which is a buildable site to VDOT, the fair market value of the remainder will be added to the acquisition cost of the acquired property for the purposes of computing the maximum purchase supplement payment.B. Remaining uneconomic remnant. If the owner refuses to sell the residue that is an uneconomic remnant to VDOT, the value of the take and damages to the remainder will be used in computing the replacement housing payment.C. Larger tract than normal. If the acquired property is a dwelling on a significantly larger site than typical for residential use in the area, the maximum replacement housing payment is the asking price of a comparable replacement dwelling on a tract typical in size for residential use, less the acquisition price of the acquired dwelling and the portion of the site which represents a typical size residential lot in the area. The following calculation shows how this amount is determined: | Example Partial Take From Larger than Typical Residential Site |
| The displacement dwelling is on a five-acre site. One-acre lots are typical in the area. The house and three acres are being acquired. Appraised value: $125,000 (no remainder damage). The appraiser valued land at $5,000/acre. A comparable house on one acre is available. It is estimated it will sell for $120,000 (adjusted listing price). |
| Comparable property | $120,000 |
| LESS: Displacement property | $115,000 |
| Maximum Purchase Supplement Amount | $5,000 |
| * $10,000 value of two acres of acquisition area excess to typical lot has been deducted. |
24 Va. Admin. Code § 30-41-460
Derived from Virginia Register Volume 18, Issue 3, eff. November 21, 2001.Statutory Authority
§§ 25-253 and 33.1-12 of the Code of Virginia; 42 USC § 4601 et seq.