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eBook details

• Title: Bennett v. New Haven Redevelopment Agency
• Author : Supreme Court of Connecticut
• Release Date : January 05, 1961
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 65 KB

Description

On May 19, 1958, the plaintiffs, owners of premises at 2-12 and 18-24 Congress Avenue in New Haven, applied to the Superior Court for a review of the statement of compensation filed by the defendant when it commenced proceedings to acquire the plaintiffs' property by eminent domain. See General Statutes 8-132. The court appointed a state referee to make the review. The referee found the fair and reasonable value of all the property to be $148,580 and revised the statement of compensation accordingly. The plaintiffs' motion to correct the report was denied by the referee; an exception to the report was overruled by the court; the report was accepted and judgment was rendered thereon. The plaintiffs have appealed. The property consists of two adjoining parcels of land with a building on each. The referee found the value of the land at 2-12 Congress Avenue to be $37,980, and the value of the land at 18-24 Congress Avenue to be $24,700. Thereafter, the value of the building on each parcel of land was reached by the application of the income approach method, one of the systems used by the real estate experts for the parties in arriving at their opinions of the fair market value of the property. Under this method of appraisal, the annual net income of the property is first ascertained. The value of the land is then determined and the income attributable to the land is found by figuring a fair return on the investment in the land. The result obtained is then deducted from the total net income, leaving as a balance the amount of income attributable to the building, which is then capitalized, thus reaching the value of the building. This method, adopted by the referee in this case, enabled him to fix the

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