How do I determine the fair market value of my property?

Determining the fair market value of your property in New York is an important first step in understanding the impact of eminent domain law. Generally, the fair market value is the amount of money a willing seller and a willing buyer would agree to for a property in an “arms length” transaction. In other words, the fair market value of the property is determined by what a buyer is willing to pay for it. In order to determine the fair market value of your property, you will first need to consider its market characteristics, such as area demand, location, and condition. Once you assess the market demand, you can then evaluate the value of your property in comparison to similar properties that have recently sold in the area. You can also consult a professional appraiser, who can provide you with an estimate of the fair market value. An appraiser should review both the current market conditions and recent sales data of similar properties in order to make an informed estimate. Finally, you may also contact a real estate agent who can give you an estimate of the fair market value based on their knowledge of the local market. A real estate agent can provide you with a list of recently sold properties in the area, as well as their current listing prices. Once you have gathered all of the necessary information, you should have a better understanding of the fair market value of your property in New York, as well as the impact of the eminent domain laws.

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How do I determine the fair market value of my property?

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