You had no intention of selling your home or investment property but all of a sudden, the government is taking your property through eminent domain. This is what is happening to a client who owns a two- family property in Carteret. Now the city is planning to build a park on their lot. When the government needs the land that your property is on, they have the right to take it and you will be compensated for it. To receive the fair market value for your property, an eminent domain appraisal is your best bet.
Eminent domain is the right of a government or its agent to expropriate private property for public use, with payment of compensation. Although municipalities may get an appraisal on the property, it will likely be an exterior only inspection and the appraiser will not know the condition of the interior. It is also possible they will offer a low asking price hoping to pay less for the property. This is where an eminent domain appraisal will be beneficial. As the property owner, you will need a strong foundation when it comes time to negotiate. Having solid evidence supported by market data in a real estate appraisal is the backbone to determining fair market value.
The government may need to enforce eminent domain because of the land desired to develop roads, government buildings, or public utilities. Other examples could include parks or recreation facilities. The use must be public. They cannot take the property and transfer it to another private party as in a developer who wants to build a condo complex. Eminent domain can be for just one lot, or possibly thirty lots in a row for example. This can be done anywhere in NJ.
In an eminent domain appraisal, the sales comparison approach is used. In this approach, the appraiser will find similar sales that have sold recently and compare them to the property at hand. The appraiser will review features like the square footage of living space, lot size, age, quality, condition, room count, location, and various other features. Quantitative adjustments will be made for the differences between the comparable properties and the property at hand. Once the adjusted values are determined, the appraiser will reconcile a final value estimate based on this market data. Conversely, the offering price from the municipality won’t provide any market derived support to the property owner like that of an appraisal.
As soon as you receive a government letter stating the demand to acquire your property through eminent domain, contact an appraiser to schedule an appraisal inspection. The letter will likely state the value that the government is offering and a scheduled court date for this case. Do not wait until the last minute as a property appraisal may take some time to develop. Once the appraisal is performed and if submitted early enough, negotiations may be made between the municipality and the property owner eliminating the need to go to court. If a court appearance is required, the appraiser can perform expert testimony explaining the findings in the appraisal with the judge making the final determination.
In the instance that you hire American Realty Appraisals to provide an eminent domain appraisal and the value comes in lower than the offering price from the municipality, the homeowner is under no obligation to share that report and can accept the ‘as is’ offer.
If you are in need of a NJ eminent domain appraisal, call now to schedule an inspection. We have been appraising in NJ since 2002, work with eminent domain attorneys, and can help you receive the proper compensation your property deserves.
Evan from American Realty Appraisals came out to our home last spring to conduct a home appraisal in support of our property tax appeal. He arrived promptly at the agreed time, was very professional and conducted a thorough walk through. We were very satisfied with the results of his appraisal - they were well-researched and accurately captured the features of the home. His appraisal proved to be a crucial element in a very successful tax appeal. I would gladly recommend his services to others.
I was extremely pleased in my experience with American Realty Appraisals. Evan was very knowledgeable and was happy to answer any questions I had. His appraisal was useful in our being able to successfully appeal our taxes. It was worth every penny. He also shared some suggestions on how to shore up insulation efficiency around the house. 5 Star service. thanks!
Evan was extremely helpful in our obtaining a favorable result from our tax appeal and I highly recommend his services
If you want the Do's and Dont's. I would say DO use Evan. It was a very smooth and easy process. He worked around my schedule. His turnaround time was very impressive. Price: He was in line with the other quotes I received. And you DON'T need to worry. I will recommend him and use him again
Prepared the documents to submit for a tax appeal and accompanied me to the tax appeal hearing to present my case. I have used American Realty Appraisals twice and have won my tax appeal each time.
I was appealing my real estate taxes and American Reality did an appraisal on my home. The appraisal went well and as a result the tax appeal was successful and our real estate taxes were lowered.
I was ignoring go through Tax appeal process because I thought it was so cumbersome with very little chance of winning. In this process, I used Evan for a tax appeal. Not only we won but it was very easy and simple process between him and the lawyer. I highly recommend to use Evan, he knows what he is doing!
The tax appeal through you and Lisa Walsh was successful, and you may use me as a reference any time in the future
Evan was great. He was instrumental in helping me to appropriately lower my taxes via an accurate appraisal. I highly recommend his services to anyone in need of an appraisal in NJ.
When the interest rates dropped last year, I decided that it was a good idea to refinance my mortgage. I was recommended to American Realty Appraisals by my mortgage company. They were affordable, expedient, and ultimately put together a very comprehensive report with figures, photos, and local comps. I would highly recommend them to anyone looking for a professional and honest appraisal company.
Evan and his team at American Realty Appraisals are simply the best at what they do. As a mortgage banking professional, I have worked with dozens of appraisal firms over the years and I continually return to American Realty Appraisals when I can for their expert advice and service. I would highly recommend them if you are an individual looking to have your home appraised, or a banker looking to add a high quality appraisal firm to your list of approved appraisers.
Before I went to list my home, I hired Evan at American Realty Appraisals. I wanted an unbiased opinion of what my home was worth. He provided a thorough report that gave me piece of mind and a leg to stand on when it comes time to negotiate. I was also pleased with how fast he turned the report around after the inspection.
I am an attorney in Westfield and I refer all of my clients to American Realty Appraisals. I have worked closely with Evan Siegel for the past two years and I have been impressed with his professionalism, integrity and expertise as an appraiser. Relying on his appraisals, I have been able to negotiate property tax reductions for numerous clients in Union County. I highly recommend American Realty Appraisals for all of your residential real estate appraisal needs.
ARA did a great job of handling my tax appeal. The guidance was spot on and the staff, specifically, Evan Siegel, was professional and knowledgeable. The outcome was excellent and I'm saving a good amount of money on my real estate taxes. Thanks ARA!!
I used Evan for a tax appeal project. It was a seamless operation between him and the lawyer. Zero blips, and we won.
Mr. Siegel performed an appraisal for my home for tax appeal purposes. He was very professional and helped me lower my taxes by 17%. I am quite satisfied with his work.
Highly recommend. Excellent service, professional, prompt. Great result