What is the fair market value of my property?

The fair market value of your property in Texas is determined by the eminent domain law. This law states that the fair market value is the highest price to sell the property when both the buyer and the seller are willing but not forced to transact. The amount is determined by taking into account the location, condition of the property and any improvements that have been made. Additionally, certain factors such as economic trends in the area, demand for the land and development of nearby properties may all be taken into consideration. For a more accurate evaluation of the fair market value, you can consider seeking the services of an independent appraiser who can assess the property and make a recommendation. The appraisal should consider the size and condition of the property, as well as the existing and potential uses. Other factors such as local zoning laws, development fees and access to amenities can also affect the value of your property. Ultimately, the fair market value of your property is an important factor in the eminent domain process as the amount of compensation you receive is based on the value of the property. If the amount you are offered is less than the fair market value, you have the right to contest the proposed amount and submit evidence in defence of your property’s worth.

Related FAQs

What is the Condemnation Procedure?
What is the difference between the amount of compensation I am entitled to receive and the actual amount I receive?
What is the difference between eminent domain and zoning laws?
What is the difference between a public use and a public welfare exception?
What is a blight designation?
What is the difference between just compensation and market value?
What are the different forms of compensation available for a taking?
Are there any restrictions as to how the government can use my property?
What should I do if my property has been taken?
Can my property be taken if I do not receive fair compensation?

What is the fair market value of my property?

Related FAQs

Related Blog Posts