Condemnation - "Condemnation is the act or process of enforcing the right of eminent domain which
is the right of the government to take private property for public use upon payment of just compensation.
The Fifth Amendment of the U.S. Constitution, also known as the takings clause, guarantees payment of just
compensation upon appropriation of private property."
Our company can assist individuals and other clients during the condemnation process.
We perform work for government/and or clients needing to offer and provide "just" compensation in eminent domain cases. A Uniform Standards of Professional Appraisal Practice (USPAP)-compliant appraisal is the best way to determine market value of any property.
There are many legal and procedural issues involved in an accurate condemnation appraisal. A federal condemnation will require a different analysis and report format than a state or local taking (or acquisition of property). The jurisdiction proposing to condemn the property is likely to have its own rules for appraisals that must be followed. It is imperative to hire an appraisal firm that has experience and training in these types of property valuations.
An eminent domain action may reserve certain rights in the property to the current owner. The government may petition to take only part of, or a partial interest in, the property. This requires the appraiser to value the "larger parcel" -- the currently undivided, contiguous property -- and the "remainder" of the property, or rights to use the property, that will be held by the owner after condemnation and factor that into the overall value of the taken property. It will often be necessary for the appraiser to determine his/her opinion of value on the "remainder" before the taking and after the development or use prompting the taking, because they are likely to be very different.
Appraisers must consider a property's "highest and best use" when formulating an opinion of value. For many condemnation appraisals, it is necessary to consider the highest and best use of the property before taking and after the development or use resulting from the taking. It is crucial to have a professional appraiser with experience and training in the eminent domain process to guarantee fairness and adequate compensation for all parties involved.
Appraisers are often required to testify in court regarding their condemnation appraisal. It is essential that certain steps in valuation methodology -- such as selecting and analyzing comparable sales be performed at a high level of proficiency. An appraiser is relied upon to know what is essential to be included in the report along with the necessary documentation. Not all appraisal companies have appraisers with the experience and training to handle eminent domain cases.
Appraisers at Morley & McConkie LC have extensive experience in eminent domain appraisals from power lines, water lines, roadway takings and easements. We are confident in our ability to be fair minded, and unbiased having performed numerous appraisals for clients of eminent domain takings.
Finalizing a divorce involves many decisions, including "Who gets the house"? There are generally two options regarding the house - it can be sold and the proceeds divided, or one party can "buy out" the other. In either case, one or both parties should order an appraisal of the residence. Divorce appraisals require a well supported, professional appraisal that is defensible in court. We handle the sensitive needs of a divorce situation.
An attorney handling a divorce settlement case often times needs an appraisal to establish "market value" for the residential real estate involved. The date of divorce generally differs from the date the appraisal is ordered. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and an opinion of "market value" matching the date of divorce. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Estate executors are entrusted to carry out the wishes of the deceased as swiftly and as efficiently as possible and rely on the assistance of many professionals to assist them thru an often unfamiliar process. Estate Executors, Attorneys and Accountants rely on our values when calculating real property values for estates, or other disputes requiring a value being placed on real property. We understand their needs and are experienced to deal with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies. Settling an estate usually requires an appraisal to establish "market value" for the residential property involved. Often, the "date of death" differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and an opinion of "market value" matching the "date of death". The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Individuals often are unaware of the need to have a detailed real estate appraisal and/or other documentation to support figures being used in the filing of documentation with the IRS. Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his/her conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.
Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. Our appraisers provide peace of mind to everyone concerned as they are able to stand behind and defend their appraisals if they are ever challenged.
RETROSPECTIVE (DATE OF DEATH) APPRAISALS Estate tax liability. Disposition of assets under a will or in probate. There are many situations where a property appraisal is needed that states an opinion of what the property was worth on a date some time ago, rather than when the appraisal is ordered. For estate tax purposes or disposition of the assets of a decedent, a "date of death" valuation is often required. (Sometimes, the executor of the estate may choose to have the date be six months after the actual "date of death" -- but the same principles apply.)
Attorneys, accountants, executors and others rely on Morley & McConkie, LC for "Date of Death" valuations as these appraisals require special expertise and training. They require a firm that has been in the area for some time and can effectively research comparable contemporaneous sales.
Real property isn't like publicly traded stock or other items which don't fluctuate in value very much or for which historical public data is available. Our professional real estate appraisers, are bound by the Uniform Standards of Professional Appraisal Practice (USPAP) and provide a high degree of confidentiality and professionalism needed and the kind of quality reports required and expected by taxing authorities, executors and courts.
Browse our website to learn more about appraisers, our qualifications, expertise and services offered.