How is the property appraised?
Appraisers generally use three methods of appraisal to estimate the value of real estate: the market approach, the cost approach and the income approach. Appraisers also determine, during partial takings by the condemning authority, the extent (if any) of damages to the remaining property.
Often the greatest element of compensation is not for the property taken, but for damages to the remainder. This is particularly true in road widening cases and instances where the condemning authority is only acquiring an easement. It is important that you retain an appraiser who understands the concept of damage to the remainder and will include this damage in his or her appraisal.
In federal court, just compensation is the difference in the value of the entire property before the taking and the value of the property remaining after the taking. This equation takes into consideration the damages to the remaining property because the damages often drastically diminish the value of the property remaining after the taking. The following is the equation for just compensation:
Appraisers generally use three methods of appraisal to estimate the value of real estate: the market approach, the cost approach and the income approach. Appraisers also determine, during partial takings by the condemning authority, the extent (if any) of damages to the remaining property.
Often the greatest element of compensation is not for the property taken, but for damages to the remainder. This is particularly true in road widening cases and instances where the condemning authority is only acquiring an easement. It is important that you retain an appraiser who understands the concept of damage to the remainder and will include this damage in his or her appraisal.
In federal court, just compensation is the difference in the value of the entire property before the taking and the value of the property remaining after the taking. This equation takes into consideration the damages to the remaining property because the damages often drastically diminish the value of the property remaining after the taking. The following is the equation for just compensation:
| Value of Entire Property - Value of Remaining Property = Just Compensation Before the Taking
After the Taking |
