How is the property appraised?
Appraisers generally use three methods of appraisal to estimate the value of real estate: the market approach, the cost approach and the income approach. Appraisers also determine, during partial takings by the condemning authority, the extent of damages to the remaining property. Often the greatest element of compensation is not for the property taken, but for damages to the remainder. This is particularly true where the condemning authority is only acquiring an easement. It is important that you retain an appraiser who understands the concept of damage to the remainder and will include this damage in his or her appraisal.
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