M Civ JI 90.06 Market Value - Definition

Your award must be based upon the market value of the property as of the date of taking.

By “market value” we mean:

(a) the highest price estimated in terms of money that the property will bring if exposed for sale in the open market with a reasonable time allowed to find a purchaser buying with knowledge of all of the uses and purposes to which it is adapted and for which it is capable of being used

(b) the amount which the property would bring if it were offered for sale by one who desired, but was not obliged, to sell, and was bought by one who was willing, but not obliged, to buy

(c) what the property would bring in the hands of a prudent seller, at liberty to fix the time and conditions of sale

(d) what the property would sell for on negotiations resulting in sale between an owner willing, but not obliged, to sell and a willing buyer not obliged to buy

(e) what the property would be reasonably worth on the market for a cash price, allowing a reasonable time within which to effect a sale.

Note on Use

If there is evidence that the property is a special purpose property, M Civ JI 90.07 should be used in addition to this instruction.

Comment

See Consumers Power Co v Allegan State Bank, 20 Mich App 720, 744–745; 174 NW2d 578, 591 (1969).

History

M Civ JI 90.06 was added February 1, 1981.