Property Valuation
A 'before and after' method is used in Alaska eminent domain appraisals to:
ACompare property value before and after a renovation
BMeasure the difference in the property's value before a taking and after the partial taking to determine just compensation✓ Correct
CAssess improvement before listing versus after staging
DCompare the appraised value before and after a recession
Explanation
In partial takings under eminent domain, the 'before and after' method values the entire property before the taking and the remainder after the taking. The difference represents the compensation owed, which includes both the value of the part taken and any severance damages to the remainder.
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Key Terms to Know
Eminent Domain
The power of government to take private property for public use, with the requirement to pay the owner just compensation.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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