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

The government in New Jersey uses multiple methods to determine the fair market value of property when exercising Eminent Domain Law. One of the most common methods used is a Comparative Market Analysis. A Comparative Market Analysis is used by analyzing nearby properties that have been recently sold in the same geographic area. This gives an idea of the market rate for the area and what fair market value should be. Another way the government can determine the fair market value of a property is through an appraisal. An appraisal is when a certified appraiser visits the property to evaluate it and research comparable properties in the area. The appraiser then takes all of the information and uses it to come up with an estimate of the property’s fair market value. The third way to determine the fair market value of a property is to hire a qualified real estate professional. A real estate professional will have the knowledge and experience to be able to calculate the property’s fair market value. They will look at similar properties in the area that have recently sold, and use their expertise to come up with a fair market value. In all cases, the government in New Jersey is required to use a fair market value for your property when exercising Eminent Domain Law. This ensures that you are appropriately compensated for the use of your property. Knowing the various methods that the government uses to determine fair market value is important when considering any possible legal action.

Related FAQs

What is the timeline for payment of compensation for a taking?
Are there any restrictions as to how the government can use my property?
What are the different forms of compensation available for a taking?
What is the difference between a public use and a public necessity?
Are there any defenses against an eminent domain action?
Does eminent domain apply to renewable energy projects?
How do I know if my property qualifies for eminent domain?
Can an owner of property refuse to sell to the government?
How do I prepare for an eminent domain proceeding?
What are the rights of the property owner during an eminent domain proceeding?

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

Related FAQs

Related Blog Posts