State wants to purchase small part of my land. How do i value it?

[tommu56]

Another thing to think about if they require sidewalks or curbs later make them responsible seance they wanted the road.

A friend got burnt they payed him so they could widen road then 10 years later the twp assessed him to put sidewalks and curbs. He said that it cost him 10 times what he got for the easement.

tom

 

[cityfarma]

In West Australia, the government values the land that it wishes to acquire at the value after they have changed the zoning. An example is that you buy a few acres that is rural and hold it for a few years. The town moves out to your area and the land value increases. You sit back and think happy thoughts about your very comfortable retirement. The government then decides they want your land for a nature habitat. The land is valued at the new zoning so instead of retiring comfortably, you get a low payout and loose your land.

Cityfarma

 

[marimus]

In West Australia, the government values the land that it wishes to acquire at the value after they have changed the zoning. An example is that you buy a few acres that is rural and hold it for a few years. The town moves out to your area and the land value increases. You sit back and think happy thoughts about your very comfortable retirement. The government then decides they want your land for a nature habitat. The land is valued at the new zoning so instead of retiring comfortably, you get a low payout and loose your land.

Cityfarma

You should move to queensland then. The government will classify your land as having endangered habitat, removing your rights to do anything with it. They then pay you $0, and you still have to pay rates & property taxes (at the state valuation that NEVER decreases)

 

[OrangeGuy]

I am going through eminent domain/condemnation in Minnesota for 13 acres the State took for a widening an existing highway. They took the land in October 2005, still not settled. In MN, the State allows you $1500 to hire your own appraiser. SC should have a similar program. In my case I lost 3 25' Black Hills Spruce trees. The State offered $1200 each. Also check to see if your property survey shows you own to the center of the road. There most likely is a perscriptive easement (some past owner sold the State the right build the road in the first place) but check to see if there is one, and if there is one, check to make sure it was recorded at the local county when the easement was first put in place. If no recorded easement, you make have more property to sell.

In addition, you have right to severance damages if in any way the taking harms you; loss of the trees, loss of front yard space, more noise/light pollution because the tree loss, reduced property value for the remainder, increased traffic/safety issues, etc. Focus on damages. Getting a big price for the small parcel could be used to value the rest of your property at a similar price ( my experience).

Are any of your neighbors losing property to this road project? If so, get together with all of them and strategize how to get the best deal. Perhaps one of them is losing a much larger piece and willing to go to the mat with the State. They may be willing to share resources with you. Don't be the first to settle. Learn from those who preceed you. My highway ownership group successfully convinced one neighbor, who wanted to settle right away because of the perceived hassle, to wait until others had "taken the State to the mat". Their original offer was $13k per acre. They settled their taking for $145,000 per acre plus interest paid since the taking (MN 4 to 5% per annum).

Educate yourself and don't take the State people for dummies. They have alot of experience with this issue.

OrangeGuy

 

[schmism]

my wifes survey and engineering company is currently doing ROW negations for the next town over for wideing of a hwy.

The engineer and i were talking about the process the other day over lunch. He had the county send him the appraisals for all the property adjacent to the project. He takes an avg property value in $/acre and thats what he offers.

Most of the stuff he is negating for is only a few hundred $ worth of property. 5-10' strip along the road.

Now if they want to take 3/4 of your front yard, i dont know that i could make that deal for the avg $/acre they are offering.

 

[two_bit_score]

Orange Guy makes two very good points in my view:

1) damages - usually won't be taxed the same as income from a sale.

2) team up with neighbors.

I hope you get some input from someone actually in the same state as you.