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

The government uses a variety of tools to determine the fair market value of property when exercising their power of eminent domain in Washington. Property appraisers will examine several factors to determine an accurate market value. These can include the location of the property, surrounding development, the size and composition of the land, and the zoning of the area. Property appraisal is conducted by professional appraisers with specialized training. They will visit the property and walk through it, take pictures and make notes about its features. They will also research the area to determine the recent sale prices of comparable properties. They will compare the size, features, and location of these properties to the subject property in order to determine its fair market value. In addition, appraisers may use computer-based market analyses, such as those provided by real estate companies, to assess the value of the property. This type of analysis uses data from recent sales and current listings to determine what the market rate for similar properties would be. Finally, the government may also seek the opinion of an expert witness to provide additional evidence and testimony about the property. This will help the court arrive at the final fair market value of the property in question.

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

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