Legal Definitions - specialty property

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.