Condemnation appraisals are used in the context of eminent domain, where the government or a public agency takes private property for public use, such as for building roads, schools, or other infrastructure projects. Here’s why these appraisals are important and why a homeowner might seek their own:
The primary purpose is to determine the fair market value of the property that is being taken. This ensures that the homeowner receives just compensation, as required by the Fifth Amendment of the U.S. Constitution. In Arizona, at least one appraisal is required, to meet the legal requirements of eminent domain. and in our experience, often the homeowner gets two appraisals.
If there is a disagreement between the property owner and the government about the property’s value, the Homeowner may get their appraisal to ensure the compensation offered by the government is fair and accurate. The government’s appraisal might undervalue the property, and an independent appraisal can provide a second opinion as well as leverage in negotiations with the government or public agency. It serves as evidence to support the homeowner’s claim for higher compensation.
The homeowner should hire a certified and experienced appraiser with experience in eminent domain and condemnation cases. Condemnation appraisals are crucial in the eminent domain process to ensure that property owners receive fair compensation for their property. Homeowners may seek their appraisal to protect their interests, ensure fair value, and provide a strong foundation for negotiations or legal challenges.