Carteret Granted New Trial in Property Valuation Appeal
When governments need to acquire private property for public projects, strict rules exist for how that property gets valued.
One key rule is that property can't be appraised based on the project driving the acquisition, a principle known as the project influence rule. In other words, you can’t increase a property’s value just because a redevelopment plan is in the works.
In this case, the property owner tried to inflate the property’s value by relying on zoning changes tied to Carteret’s redevelopment plan, violating this rule.
The trial court allowed the evidence, potentially influencing the jury’s verdict. On appeal, Kevin McManimon and Malcolm Thorpe argued this was a mistake, and the appellate division agreed, granting Carteret a new trial.
This decision highlights the importance of maintaining integrity in the property valuation process and the responsibility trial courts have to ensure fairness, not just for Carteret, but all communities involved in eminent domain disputes.