Condemnation occurs when a local, state, or federal government seizes private property for public use in return for Just Compensation to the property owner. The power of the government to do this is called Eminent Domain. Although the property owner enters into a forced sale, he is entitled to Just Compensation for the property acquired.
An Eminent Domain proceeding can be a very stressful situation for a property owner and an experienced appraiser is vital to process. A common misconception among property owners involved in the condemnation process is that the condemning authority is only obligated to pay for the property that is physically being acquired. In fact, Just Compensation includes not only the value of the property being acquired but also any damages to the remainder property or costs to cure the remainder to return it to a functional use.
At Appraisal Source, Inc. we routinely prepare appraisals for property owners, law firms, and condemning authorities. Our appraisals provide the framework for calculation of Just Compensation. Our experience includes a wide variety of condemnation proceedings including road widening projects, high voltage transmission lines, railroad expansions, pipelines, water towers, municipal utility lines and drainage easements.
If you are involved in a condemnation proceeding and have any questions or would like to discuss the process, please feel free to contact an ASI representative.