Appraise Nevada Eminent Domain / Takings Page

Builders in Nevada have been forced into an extended sojourn with the massive oversupply of homes that are still entering the market, that have been the result of short-sales and REOs.

It is expected that it will take at least a year or two to stabilize the market, and a turnaround will depend on an improvement in national and local economic conditions.

GJR

USEFUL DEFINITIONS:

1. Highest and Best Use: It's not what you want to do with your property. For appraisers it is the “reasonably probable” and legal use of vacant land or improved property, which is physically possible, appropriately supported, financially feasible and that results in the highest value. Sometimes called the “optimum use.”

Zoning, Probability of Rezoning, Land
Use Plans and appraiser judgment based on analysis all can enter into a final highest and best use determination.

The highest and best use may or may not be the currently improved use.

2. Fair Market Value: For condemnation purposes appraisers are bound by definition provided in Nevada Revised Statute (N.R.S. 37.009). There are several other definitions of market value including the "federal" definition. Appraisers must provide the definition that they used and their source in an appraisal report.

3. Just Compensation: is the "fair market value" of the property and any consequential damages.

4. Partial Interest Taking: Typically only a portion of a property is taken from a property owner for roadway widening, power lines, drainage channels or other public uses. The parcel that is left is described as the "remainder."

5. Before and After Appraisal: Appraisers typical need to know the value of a property both before the taking and after the taking.