The Value of Your Property
If your private property is condemned—or seized—for public or commercial use, you have the right to receive just compensation for the value of your land. The amount of compensation you’re owed is determined by a variety of factors, and as North Carolina eminent domain attorneys, it’s our job to help you recover the maximum value for your property.
Under the United States and North Carolina Constitutions, when land is taken by the government, the land owner is entitled to just compensation for that which is taken. Just compensation is typically determined using one of three approaches:
- Market or comparable sales approach
A market approach typically looks to comparable properties that have been sold, and considers factors such as: physical characteristics including the size and shape of the parcel, land topography and geography, zoning, conditions of sale, financing terms, location, public or private utilities, and legal encumbrances.
- Cost approach
A cost approach generally analyzes the cost of reproducing or replacing any improvements to the property, less any losses in value from depreciation, plus the land value.
- Income capitalization approach
Finally an income capitalization approach considers a property’s earning ability based on the capitalization of income to set the value.
In all of these approaches, the land must be considered for its highest and best use.
Highest and Best Use
“The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.” American Institute of Real Estate Appraisers, The Appraisal of Real Estate (9th ed. 1987).
Getting the Maximum Value
At HensonFuerst, protecting your best interests and getting you the maximum and reasonable value for your property is our priority. Land condemnation cases are complicated—you need experienced legal help on your side.
Contact the North Carolina eminent domain lawyers at our law firm today by calling (919) 781-1107 or completing a free initial consultation form.