Property Valuation
In South Dakota, a 'before and after' appraisal is typically used in:
AEvaluating the impact of a renovation on property value
BEminent domain/condemnation cases to determine just compensation for a partial taking✓ Correct
CBefore and after school year rental income comparisons
DEvaluating property value before and after a rezoning
Explanation
In partial takings (eminent domain), the 'before and after' method estimates the value of the entire property before the taking and after the taking, with the difference representing just compensation.
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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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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