Eminent Domain Appraisals
Eminent domain is the power of the state to take private property without the owner’s consent. The exercising of this power is termed “condemnation”, and this power/process can be granted to other entities within a given state (utilities, universities, etc.). Historically and traditionally, the power of eminent domain was exercised for the construction of large public projects such as parks, highways, and railroads. However, more recently its use has been broadened to include projects that are defined as ‘public benefit.’ Your property can also be taken for reasons for public safety. This expansion of the use of eminent domain power is controversial throughout the U.S.
The Fifth Amendment to the U.S. Constitution forbids the confiscation of property “without just compensation”. However, condemnation proceedings can be biased toward the taking party (the State or other designated entity). Because of this, it is important to have a thorough understanding of your rights as a property holder. Sparks Appraisals understands this importance and strives to provide clients with a clear representation of your rights and the powers that be.
HOW SPARKS APPRAISALS CAN HELP YOU
Ultimately, most condemnation cases are settled through proper negotiation, especially when professional appraisers are involved. Arriving at the negotiation table with your own appraisal report from our reputable company will always strengthen your negotiating position. If negotiation fails, our experienced professionals can and will serve as expert witnesses at trial to defend their opinion of value. As one of our many clients, you can rest assured knowing that our dedicated staff will work tirelessly to provide you with the best possible appraisal care.
Give us a call today with any questions you might have.