Who is responsible for determining the value of my property?

When property owners in New York are faced with having their land taken as part of an eminent domain action, the first question that can come to mind is who is responsible for determining the value of my property? The responsibility for determining the value of a property in New York taken through eminent domain lies with either a court-appointed appraiser or the agency which initiated the process. The court-appointed appraiser is an individual selected by the court who is qualified to assess value, and consulting with both the property owner and the governmental agency for their opinions of value. The agency which initiated the process may have a preferred appraiser who must also possess qualifications to assess value and must be approved by both court and the property owner. Both appraisers are instructed to assess the fair market value of the property through the process of negotiation with the owner. If an agreement is not reached the court will establish the property value by selecting one of the values put forward by either the owner or the agency. Ultimately, the court oversees the entire process to ensure that all parties involved are treated fairly. The court must also keep in mind the best interests of the community when making its decision. If the court determines that the agency is overvaluing the property, it has the authority to reduce the value to an amount that is more equitable.

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Who is responsible for determining the value of my property?

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