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IitOW IiOF,S AN APPRAISER DETERMINE TM FAIR 1VARIMT VALUE OF 1VlY <br />PROPERTY? <br />Each parcel of real property is different and therefore no single formula can be devised to <br />appraise all properties. Among the factors an appraiser typically considers in estimating the value <br />o£real property are: <br />Flow it compares with similax propertles in the area thathave been sold recently. <br />How much it would cost to reproduce the buildings and other stractures, loss any <br />depreciation. <br />How much rental income it could produce after expenses and how investors typically <br />value that income. <br />WILL I7HAVE' A CHANCE TO TALK TO THE APPRAISER? <br />`YES, You must be contacted and given the opportunity to accompany the appraiser on the <br />inspection of your property. You may then inform the appraiser of any special features that you <br />believe may add to the value of your property. It is in your best interest to provide the appraiser <br />with all the useful information you can in order to insure that nothing of allowable value will be <br />overlooked. If you prefer, you may designate a representative in writing for this purpose. <br />ONCE THE CITY DETEWH NES THAT MY -PROPERTY IS NECESSARY I'.+OR A <br />PUBLIC PROJECT, HOW SOON WILL THE CITY GIVE ME A WRITTEN <br />PURCHASE OFFER? <br />The timing of a purchase offer depends on the following factors; <br />• The amount of work required to appraise your property, <br />• The availability of fanding; and <br />• Possible project delays caused by factors outside the control of the City. <br />Typically, when there are no funding issues or other project delay factors, you can expect a <br />written purchase offer within 60 days of completion of the appraisal. The appraisal for business <br />or industrial property can take several months to complete due to the much greater complexity <br />involved. <br />The City will give you a written offer to acquire your property for the fall amount determined to <br />be just compensation, and it will do so promptly. Along with the offer you will receive a written <br />statement explaining the basis for the determination of just compensation. The City will not <br />initiate negotiations truth the puraase offer is sent out and your receipt of the offer is <br />acknowledged. <br />WHAT TS IN THE CITY'S STATEMENT OF THE BASIS FOR ITS IIETFWV iATION <br />OF JUST COMPENSATION? <br />The City's "statement of the basis for its determination of just compensation" will be provided to <br />you with the written purchase offer. Among other things, this statement will include: <br />• The recognized definition of the term "fair market value" or the equivalent term. <br />75Q-30 <br />