How does the valuation process work?

The valuation process for eminent domain law in Indiana is typically a multi-step process. The first step is for the governmental agency, such as the state, county, or city, to list their intended use of the property. This will help guide the appraiser’s valuation of the property. The next step is for the governmental agency to hire a qualified appraiser. The appraiser is responsible for estimating the fair market value of the affected property. They do this by determining the property’s highest and best use, and then estimating the amount the property would bring in an open market with a willing seller and willing buyer. The appraiser will typically consider several factors, including the recent sale price of comparable properties in the area, the current development costs, and the potential of any environmental issues. The appraiser will compile their findings and present them in a written report. The governmental agency then reviews the report, and if it is suitable, they will present an offer to the property owner. The offer will be based on the appraised value of the property. The owner can then accept the offer, submit a counteroffer, or dispute the findings through arbitration or a court hearing. Once a settlement is reached, the governmental agency can move forward with acquiring the property and put their intended use into effect.

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How does the valuation process work?

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