Real Estate & Property Law

Premising FMV on assessed value

By Alan Ackerman

NJ.com

The city offered Ellis and his girlfriend the pre-flood assessed value of their home and land - about $86,000 - but subtracted about $25,000 the couple received in initial disaster assistance from FEMA.

"You can't get a house for $61,000 out here," Ellis said. "I would know. We looked at probably 100 (of them)."   By Nigel Dura, AP  August 12, 2009

Premising fair market value on assessed value is harmful to owners obtaining Just Compensation.   What is an owner to do when he gets a bill saying the property was under assessed?  'Appraise my property higher and tax me more?'    The floodplain takes are necessary, but not always fair.

Full post as published by National Eminent Domain Blog on August 23, 2009 (boomark / email).