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Simple English definitions for legal terms
specialty property
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A quick definition of specialty property:
A specialty property is a unique type of property, such as a church or cemetery, that cannot be easily bought or sold on the market. When the government needs to acquire this type of property for public use, they determine its value by calculating the cost to reproduce it, minus any depreciation. This is known as eminent domain and is used to ensure fair compensation for the property owner.
A more thorough explanation:
Specialty property refers to unique properties that are not easily marketable, such as churches or cemeteries. In legal terms, it can also refer to a contract under seal or the doctrine of specialty.
When it comes to eminent domain, the value of specialty property is determined by measuring its reproduction cost and subtracting any depreciation. This is because the property cannot be easily replaced or replicated, making its value difficult to determine through traditional market methods.
For example, if a city wants to build a new highway and needs to acquire land that includes a historic church, the value of the church would be determined using the reproduction cost method. This takes into account the cost of rebuilding the church from scratch, minus any depreciation due to age or wear and tear.