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

In Nebraska, the government uses a variety of techniques to determine the fair market value (FMV) of a property taken through eminent domain. The most common method is by appraising the land. An appraiser will thoroughly inspect the property and take into account the size of the property, its location, and any improvements that may have been made to the land. They will also consider comparable properties in the area to arrive at a fair market value. Another technique is through an assessment of the property’s current use. This involves looking at how the property is used or what value it may have to its current owner. For example, if the property is being used as a farm, the appraiser will take into account the value of the crops that are grown on the land. The government may also consider the income or market potential of the land. This means looking at the amount of money the land may generate if it is used for commercial purposes or if it is developed and sold. Finally, the government may consider the potential redevelopment value of the land. This means estimating the amount of money the land may generate if it is developed, such as by building a shopping center or housing complex. No matter what method is used, the government must always take into account any special conditions that could affect the property’s value, such as soil quality or zoning restrictions. All of these factors will be taken into account to arrive at a fair market value when determining the price to be paid when the eminent domain process is complete.

Related FAQs

What are the elements of a taking?
What is the timeline for payment of compensation for a taking?
Can I receive compensation for the time spent on my property?
What is the difference between market value and fair market value?
What is the difference between just compensation and market value?
What is a blight designation?
How long does the eminent domain process take?
What are the differences between federal and state law when it comes to eminent domain?
What is the difference between direct condemnation and inverse condemnation?
What is the difference between eminent domain and inverse condemnation?

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

Related FAQs

Related Blog Posts