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

In Texas, the government uses eminent domain to acquire private property for public use. When the government does this, it must pay the owner "just compensation" for the taking of the property. The Supreme Court of Texas has defined just compensation as the fair market value of the property, which is determined by looking at the market factors affecting the value of the property. The government usually hires a qualified appraiser to assess the fair market value of the property. The appraiser will take into account the type of property, its condition, its location, its size, and other factors. They will also take into account recent sales of similar properties in the area, as well as any economic conditions that may affect the value of the property. In addition, they may also factor in any zoning rules that may restrict the use of the property. The appraiser’s opinion is presented as a report, which the government will use to determine the fair market value of the property. The court will review the appraisal report and hear any complaints from the property owner. After considering all the evidence, the court will issue an opinion regarding the fair market value of the property, which the government must then use to calculate the amount of compensation.

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

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