Property Valuation
In Ohio, the 'before and after method' is used in appraisals for:
ABefore and after renovation projects
BPartial takings in eminent domain proceedings — value before taking minus value after taking✓ Correct
CBefore and after major market corrections
DAppraising before and after a lease termination
Explanation
The before and after method is used in partial takings (eminent domain) to determine the damages — the difference between the property's value before the taking and its value after the taking with the remaining land.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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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