Valuation lies at the center of condemnation law. Property owners are compensated based on the property’s fair market value, and diminution to that value. The government is always the opposing party in a condemnation or inverse condemnation action. Property owners are wise to consult with an attorney before accepting the government’s appraisal as the basis for calculating just compensation. An attorney can protect their Arizona property rights and ensure they are justly compensated.
An eminent domain attorney is best equipped to spot all of the issues relevant to developing an accurate appraisal. A proper valuation should consider issues such as the property’s specific characteristics, marketability, location, market demands, best possible use, and trends in development.
Valuation issues are not limited to condemnation actions, so people turn to attorneys with valuation experience in a variety of other contexts as well. For instance, because property tax liability is based on the property’s value, valuation is central to property tax appeals. Personal representatives often require an accurate valuation to properly handle a probate matter, as do trustees in bankruptcy proceedings. Valuation issues come up in many commercial settings where a transaction hinges on the value of a particular asset or property. In each of these situations, an attorney can be essential to a positive outcome.