What is the fair market value of my property?

The fair market value (FMV) of a property is determined by the local real estate market. In North Carolina, the FMV of a property is determined by its fair market rental rate (FMRR). The FMRR is determined based on the amount a willing tenant would pay for the property based on the surrounding market conditions. The FMRR reflects the actual, local real estate market prices in the area. In addition to the FMRR, the North Carolina Eminent Domain Law also requires the official appraiser to consider factors such as the condition of the property and the highest and best use of the property in determining the FMV. These factors are taken into consideration when the appraiser compares the price of the property to similar properties in the area before deciding on a fair market value. In North Carolina, the FMV of a property is the primary determinant of how much money an owner will receive in a condemnation proceeding. Therefore, it is important for an owner to seek out the services of a property appraiser they trust to ensure they receive fair compensation in any eminent domain proceeding.

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What is the fair market value of my property?

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