Getting Fair Compensation for Your Property in McKinney
Under the fifth amendment of the United States Constitution, the government cannot take your private property and convert it to public use without offering reasonable compensation. If the government or an authorized corporation is trying to acquire your property, you have a right to receive adequate financial reimbursement.
If the government or a contractor is attempting to purchase your land through the eminent domain process, a knowledgeable eminent domain lawyer could take the necessary legal actions and represent you at every step of the seizure process. Call today to learn more about getting fair compensation for your property in McKinney.
Defining Just Compensation
The purpose of just compensation is to make the landowner whole again following the seizure of their property date. Accordingly, compensation should put the landowner in the same financial position they occupied before the government or corporate interest seized their property.
In dollars and cents, the buyer should compensate the landowner for the land value, or, in the case of a temporary seizure, the property’s depreciation value resulting from the proposed land use. Many buyers have no interest in paying fair value, and landowners often file a dispute in order to receive adequate compensation for their property.
Placing a Value on the Subject Property
The landowner and the buyer typically dispute the fair market value of the land at issue. In determining value, the landowner may hire an expert witness who can testify about the land’s value before a commissioner or at a courtroom trial. A property’s fair market value depends upon a variety of circumstances, including:
- The extent to which the property is developed
- The potential or current use of the property
- Effective zoning ordinances which may affect the subject property
- The property’s accessibility
- The size of the property
- Any unique characteristics of the property
Factors like expense and stress to the landowner, like the cost of relation, do not play any role in determining a property’s fair market value
When appraisers assess the value of a piece of property, they may use one of several approaches. For example, they may use the market approach, which involves comparing recent property sales with the subject property, to approximate its fair value. Alternatively, they may use the income approach to assess the value based upon the property’s expected future income. An experienced condemnation lawyer could help find and hire an expert witness to appraise a property’s value properly in a particular case.
During condemnation proceedings, a landowner can introduce evidence, such as appraisals, which point to the property’s fair market value.
If the landowner is dissatisfied with the amount of compensation awarded at the commissioner’s hearing, they could file an objection with the appropriate court and challenge the amount of the award at trial. A condemnation lawyer could help file the necessary paperwork to move to an eminent domain trial, should that be necessary.
Talk to an Attorney to Get Fair Compensation for Your McKinney Property
Getting fair compensation for your property in McKinney can be a long and tedious process, and the government or corporate buyer will likely fight you every step of the way.
A skilled McKinney condemnation lawyer could assist you with recovering fair compensation for your property, represent you at hearings, and take all of the necessary legal steps to defend your property rights.