Property Q&A in Charlotte>Question Details

Chris, Home Buyer in Charlotte, NC

If the city wants to acquire some of my property(land) what can I expect them to offer per square foot of land?

Asked by Chris, Charlotte, NC Wed Jul 21, 2010

Property is located in East Charlotte, NC

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Answers

6
Unfortunately there is no quick and simple answer to your question. I have estimated the value of several properties for the City of Alexandria, Virginia, where the City was acquiring or disposing of property. Valuing properties for condemnation (formal or informal) is much different from a regular property appraisal. Generally an appraiser will determine the value of your property BEFORE the city's acquisition of any property and then (hypothetically) appraise the same property AFTER the city's acquisition. The value difference is the amount that you are compensated for because that's estiamted to be the damage to your market value as a result of the taking. In other words a before and after valuation method is used.
0 votes Thank Flag Link Mon Jul 26, 2010
They should offer you market value, based on what land has sold for around your area recently. Tax value does not always represent current market value so make sure the offer is fair!
0 votes Thank Flag Link Wed Jul 21, 2010
Hey Chris,
You have 3 similar answers with good accuracy. I would say that the city will pay at the low end of market value or tax value in most cases. On Johnston Oehler Rd, the residents were asked to sell their land for road easements for the Mallard Creek High School. The residents were NOT reimbursed from the middle of the road which is where they had paid taxes to. Therefore, my advice to you is to look at your survey to see where you property lines are located, then compare the survey to the rendering of what the city will be taking, calculate the math to make sure it is accurate. Contact your favorite realtor or real estate attorney to see if the compensation reflects the value of that piece of land.
Robin Faison, Broker
robin.faison@gmail.com
0 votes Thank Flag Link Wed Jul 21, 2010
You can expect them to give you tax value. They will take the tax value fo the entire area and divide it out by the amount they are looking to buy and that is what they will offer you.

You cna get an independnet appraiser if you think the offer si too low. But generally if you are not selling them the whole land with a housae on it..your bargaining is not as strong.
Web Reference: http://www.davedicecco.com
0 votes Thank Flag Link Wed Jul 21, 2010
Chris,

I actually just helped an individual go through this process. However, in my case the city was acquiring almost all of the property including the home on the property. The city went through a process of an independent appraisal as well as vewing individual comps of available "replacement properties." The process will be a little different if they are not actually relocating you but instead just acquring a small portion of your land.

With that being said, they will offer you a fair market value based on the research they conduct. Your location is going to play the biggest factor.
0 votes Thank Flag Link Wed Jul 21, 2010
It depends if it is an entire lot, where it is, something they want for a project.... or just a little strip for a greenway... or access to a creek? Usually they will offer you the tax value of the land. So if you take your "land" tax value and divide by square feet of the amount of land you have, and multiply that by the amount they want to buy. It hasn't been my experience that they do a lot of negotiating... If it is an entire lot...for example it has to appraise before they can buy it. So they won't be paying you over market or anything.....
0 votes Thank Flag Link Wed Jul 21, 2010
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