How does the government determine the fair market value of my property?

When the government files an eminent domain case in Delaware, it must determine the fair market value of the affected property. This is the amount the owner would receive as compensation for the taking of their property. Determining fair market value is an important part of a successful eminent domain case. The fair market value is determined by several methods, including using sales of similar properties in the area and an analysis of the property’s highest and best use. The government or a court-appointed appraiser examines the features and uses of comparable properties to arrive at an estimate of the value of the affected property. This analysis also considers any special circumstances that may affect the value of the property. Financial and economic models are also used to estimate fair market value, such as the discounted cash flow model which looks at the present value of the expected future income from the property. Additionally, the owner of the affected property is also allowed to submit an appraisal to the court that estimates the fair market value of their property. Ultimately, the court makes the final decision on the fair market value of the property. The court considers all submitted evidence and determines the value based on case law, relevant statutes, and applicable legal principles. The court must strive to arrive at an amount that is just and reasonable for both parties.

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How does the government determine the fair market value of my property?

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