| The Eminent Domain Appraisal: Uncovering the True Value of Your Property |
In our series on eminent domain in Florida, we’ve emphasized the importance of “full compensation” for property owners. But how is that compensation determined? This is where the appraisal process takes center stage.
The Role of the Appraisal
An appraisal is a professional assessment of your property’s fair market value. In eminent domain cases, it’s crucial to have an independent appraisal conducted to ensure you receive the full compensation you deserve.
What Does an Appraisal Consider?
A qualified appraiser will consider various factors when determining your property’s value:
- Property size and location: The physical characteristics of your property, including its acreage, location, and any unique features.
- Improvements: The value of any structures or improvements on the property, such as buildings, landscaping, or infrastructure.
- Highest and best use: The most profitable and legally permissible use of the property, even if it’s not currently being used for that purpose.
- Comparable sales: Recent sales of similar properties in the area, providing a benchmark for market value.
- Severance damages: If only a portion of your property is being taken, the appraiser will assess the impact on the remaining portion and calculate any resulting decrease in value as a result of the taking.
- Business damages: If a business has been in operation on the property for five or more years, the appraiser will evaluate any lost profits, relocation expenses, and costs associated with re-establishing your business.
Why an Independent Appraisal Is Essential
The government or private company taking your property must conduct their own appraisal. However, it’s crucial to have an independent appraisal done to ensure an objective assessment of your property’s value.
Choosing the Right Appraiser
When selecting an appraiser, look for someone with:
- Experience in eminent domain appraisals: Eminent domain cases have unique considerations, so it’s essential to choose an appraiser familiar with these complexities.
- State certification and qualifications: Ensure the appraiser is certified and qualified to conduct appraisals in Florida. Many cases will require an appraiser with the highest distinction in the field, the MAI designation.
- A reputation for independence and objectivity: Choose an appraiser who will provide an unbiased assessment of your property’s value.
Brigham Property Rights: Guiding You Through the Appraisal Process
At Brigham Property Rights, we can help you navigate the appraisal process and ensure you receive a fair and accurate assessment of your property’s value. We can assist you with:
- Selecting a qualified appraiser: We have a network of trusted appraisers with extensive experience in eminent domain cases.
- Reviewing the appraisal report: We will carefully examine the appraisal report to ensure it accurately reflects the true value of your property.
- Negotiating with the condemning authority: We will use the appraisal report to negotiate effectively with the government or private company on your behalf.
Don’t leave the value of your property to chance. Contact us today for a free consultation.