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

The process of determining the fair market value of property by the government in Maryland is overseen by the local circuit court. This is done through the use of eminent domain law, which grants the government the authority to seize private property for public use. In order to determine the fair market value of the property, the court will typically appoint two independent appraisers to value the property. The appraisers will look at the historic sales price of comparable properties in the area, the current condition and desirability of the property, and the potential for development. The appraisers will create two separate appraisals of the property and then discuss and negotiate the fair market value. The final value is usually somewhere in between the two appraisals, and the court will ratify the agreement. Once the fair market value of the property is determined, the government will pay the owner that amount. If an agreement cannot be reached, the court will make a ruling on the fair market value.

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

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