Eminent domain is the seizure of your property by the government for public use. However, according to the Texas Constitution art. 1 sec. 17 you must receive just compensation. The problem with this law is that just compensation might seem somewhat arbitrary to the layman.
If you have a property that the government wants to seize, see below for some ways to determine its fair market value. Do not lose out on the payout you deserve.
How to determine fair market value
When the state government declares eminent domain, they will send their valuators. Interested parties always want to spend as little money as possible for their acquisitions, and the state is not different. Your first step should be to contact an eminent domain lawyer and consult with your evaluator if you can. When determining the value of your property, valuators consider several factors. They include the size of your property, zoning laws, its development, its current use, potential use and accessibility from roads or other forms of transport.
You have time to negotiate
You have the option to reject the first offer the government gives you. The state cannot outright seize your property until the courts rule on the decision, so there is room for negotiation. If you received an offer from the government for your property, do not panic or immediately accept the offer. You have time to hire your professionals to help with determining the fair market value.
Eminent domain does not have to mean you lose out completely. Negotiate for a better offer on your property and do not accept a price that you believe is unfair.
