What is the fair market value of my property?

The fair market value of a property in Indiana is determined by taking into account any market trends and the most recent comparable sales of like properties in the area. Property owners are usually given the option to accept the determined value of their property or to have it professionally appraised for an accurate value. Eminent domain law in Indiana allows for the government to take private property from individuals for public use, so long as they are willing to pay adequate compensation for the owner’s losses. The amount of compensation the government must pay is determined by the fair market value of the property at the time of the taking. The state will determine this value by conducting a professional appraisal or by reviewing public records of comparable sales in the area. Property owners may dispute the fair market value determined by the state. In such cases, the state may reevaluate the property or provide an analysis of the sales of comparable properties in the area in order to justify their determined value. Ultimately, the courts will decide the fair market value of the property in question. This process can be lengthy and expensive, so it is in the property owner’s best interest to consult a lawyer prior to any dispute.

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What is the fair market value of my property?

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