Blog
Topics « RSS « Archive
| Browse in : |
All
> Blog
(1)
[include children]
|
|
What about MARKET VALUE?
About MARKET VALUE
Many people at several of the recent TxDOT “town hall” meetings had questions about the meaning of market value.
Here’s what we know:
The Texas Constitution permits the purchase of private property for public use. The Texas Constitution entitles the owner to adequate compensation, based on market value, and that it shall be by the due course of the law of the land. The Texas Legislature has prescribed the judicial procedure to be followed when private property is taken for public purpose.
The process can be lengthy and is designed to protect the interests of the owner.
Land that is needed for highway purposes is appraised to establish with reasonable certainty the amount of money the property owner is is entitled to receive. While property owners should receive all the money they are entitled to receive, the State should not pay more than it is obligated to pay under the law.
The generally accepted opinion of market value as defined by the courts of Texas may be stated this way:
“Market value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell, and is bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is reasonably adaptable and for which it either is or in all reasonable probability will become available within the reasonable future.”
This definition of market value is based on both the buyer and seller being willing, but not obligated to buy or sell. While this is not always the situation in right-of-way transactions, the courts have stated that this must be assumed in making right-of-way appraisals. An appraisal made on any other assumption will not be correct.
TxDOT contracts with independent fee appraisers who usually conduct the needed appraisals. TxDOT employees do not conduct appraisals. These appraisers base their opinions of market value on data researched in the subject neighborhood, and near the property that is proposed for acquisition.
Log In or Register to comment.
