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Pennsylvania Consolidated Statutes

26 Pa. Cons. Stat. § 703 (2026)

 Fair market value.

✓ current as of May 2026
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§ 703.  Fair market value.

Fair market value shall be the price which would be agreed to by a willing and informed seller and buyer, taking into consideration but not limited to the following factors:

(1)  The present use of the property and its value for that use.

(2)  The highest and best reasonably available use of the property and its value for that use.

(3)  The machinery, equipment and fixtures forming part of the real estate taken.

(4)  Other factors as to which evidence may be offered as provided by Chapter 11 (relating to evidence).

 

Cross References.  Section 703 is referred to in section 521 of this title.

Notes of Decisions
Cited in 8 cases (6 in the last 5 years), 2018–2026 · leading case: In Re: Condemnation by the PA Tpk. Comm'n of Prop. Located in the Twp. of Bensalem, Bucks Cnty. v. The Lands of L. Tarlini & L. Tarlini, h/w Appeal of: PA Tpk. Comm'n, 185 A.3d 1177 (Pa. Commw. Ct. 2018).
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In Re: Condemnation by the PA Tpk. Comm'n of Prop. Located in the Twp. of Bensalem, Bucks Cnty. v. The Lands of L. Tarlini & L. Tarlini, h/w Appeal of: PA Tpk. Comm'n, 185 A.3d 1177 (Pa. Commw. Ct. 2018). “(3) The machinery, equipment and fixtures forming part of the real estate taken.”
Vestmont Ltd. P'ship v. DOT (Pa. Commw. Ct. 2023). · cites it 6× “26 Pa.C.S. § 703 cmt. (emphasis added); see generally 1 Pa.”
Condemnation of Permanent & Temp. Rights of Way for the Transp. of Nat. Gas in Buffalo Twp., Washington Cnty., PA Dr. L.G. Smith & Mrs. M.P. Smith, h&w v. Nat'l Fuel Gas Supply Corp. (Pa. Commw. Ct. 2018). “26 Pa. C.S. § 703. 9 The Eminent Domain Code does not include a requirement that, to be valid, a property assessment must contain a valuation of a mineral estate.”
R. Miller & M.L. Miller v. The Borough of Indian Lake (Pa. Commw. Ct. 2021). “26 Pa. C.S. §703. In a partial taking of property, Section 706(a) of the Eminent Domain Code provides that the after-taking fair market value shall consider the damages to the remaining property.”
Tank Car Corp. of Am. v. Springfield Twp. (Pa. Commw. Ct. 2023). “(3) The machinery, equipment and fixtures forming part of the real estate taken. (4) Other factors as to which evidence may be offered as provided by Chapter 11 [ 23 Pa.”
In Re: Condemnation by the City of Philadelphia of the Airport Bus. Ctr. ~ Appeal of: City of Philadelphia (Pa. Commw. Ct. 2023). “Notice of Appeal from Board’s Report at 15; see generally 26 Pa.C.S. § 703. The City’s objections as to the instant property’s highest and best use raise a question “of fact or at least, a mixed question of law and fact,” unlike the dispositive question of law at issue in…”
PennEast Pipeline Co., LLC v. A Permanent Easement of 0.60 acre +/- & a Temp. easement of 0.60 acre +/- in Towamensing Twp., Carbon Cnty., Pennsylvania, Tax Parcel Nos. 16-56-A73 & 16B-56-A7 (M.D. Penn. 2022). “” 26 Pa. C.S. §703. Pennsylvania has identified four additional factors to consider when making the fair market value determination: (1) the present use of the property; (2) the highest and best reasonably available use of the property and its value for that use; (3) the…”
In Re: Condemn by City of Phila. Airport Bus. Ctr. (Pa. 2026). “Further, the court noted that “fair market value” is defined in 26 Pa.C.S. § 703 and takes into consideration “[t]he highest and best reasonably available use of the property and its value for that use,” among other factors.”
— 26 Pa. Cons. Stat. § 703(1) — 1 case
Vestmont Ltd. P'ship v. DOT (Pa. Commw. Ct. 2023). “26 Pa.C.S. § 703 cmt. (emphasis added); see generally 1 Pa.”
— 26 Pa. Cons. Stat. § 703(2) — 1 case
Vestmont Ltd. P'ship v. DOT (Pa. Commw. Ct. 2023). “26 Pa.C.S. § 703 cmt. (emphasis added); see generally 1 Pa.”
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