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

Determining the fair market value of your property in South Carolina begins with understanding the law. Under South Carolina’s eminent domain law, the government can take private property for public use if it serves the public interest and if the owner is justly compensated. The compensation must be for the fair market value of the property. In South Carolina, there are three methods to determine the fair market value of a property. The first is a market approach, which looks at the value of recent comparable sales in the area. The second approach is the cost approach, which determines the cost to construct the structure and land. The third approach is the income approach, which values the property based on estimated income-producing potential. When assessing fair market value, an appraiser must consider factors such as property condition, property size, zoning restrictions, and comparable sales. The appraiser must also determine the highest and best use of the property. It is important to note that the fair market value is not necessarily the same as the assessed value of the property for tax purposes. If you are not satisfied with the compensation offered for your property, you have the right to bring an action against the acquiring governmental agency. In some cases, an action may be brought in court to challenge the fair market value. To do so, you should contact an experienced eminent domain attorney.

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

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