State v. Caoili
New Jersey Supreme Court
639 A.2d 275 (1994)
- Written by Jennifer Flinn, JD
Facts
Caoili (defendant) owned nearly an acre of property located near a highway. The New Jersey Commissioner of Transportation (plaintiff) initiated condemnation proceedings so that the property could be used for highway expansion. At the time of the condemnation, the property was zoned for residential use but bordered several commercial establishments located along the highway. At trial, in order to determine compensation for the property, the trial court considered testimony from experts for both Caoili and the Commissioner of Transportation as to the fair market value of the property. Caoili’s expert valued the property at $445,000 based on his opinion that there was a strong probability that the property would receive a use variance allowing it to be used for commercial purposes. The Commissioner of Transportation’s expert valued the property at $232,500 based on its residential-use classification. The trial court issued a judgment of $351,000 in favor of Caoili. The Commissioner of Transportation appealed.
Rule of Law
Issue
Holding and Reasoning (Handler, J.)
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