Eminent domain claims against real property can be devastating. People who have raised their children in a home likely hate the idea of local authorities destroying that house to allow for utility infrastructure or a highway expansion. For some people, eminent domain claims don’t just affect their housing. They affect their income and careers. Condemnation can involve commercial property and…
The post Has a condemning authority undervalued Texas farmland? first appeared on Showalter Colgin & Davis, PLLC.
Eminent domain claims against real property can be devastating. People who have raised their children in a home likely hate the idea of local authorities destroying that house to allow for utility infrastructure or a highway expansion.
For some people, eminent domain claims don’t just affect their housing. They affect their income and careers. Condemnation can involve commercial property and also agricultural acreage. Farmers and ranchers who raise livestock or grow crops depend on their land to make a living. If they must sell in an eminent domain scenario, receiving just compensation for a forced sale is of the utmost importance.
Do farmers or ranchers have any rights if a condemning authority drastically undervalues their land?
Real property values fluctuate
Every type of real estate holding can appreciate in value or lose value based on a variety of factors. Agricultural acreage around the United States has an average value of more than $4,000 per acre. Often, agricultural property in Texas tends to have a lower value than acreage in other areas, such as the Midwest.
Condemning authorities might only perform a cursory review of the property and may significantly undercut the true value of the property. A lack of familiarity with local weather patterns or water sources on the acreage could lead to condemning authorities undervaluing a parcel of farmland.
Additionally, it is common practice for professionals estimating agricultural property values to focus almost exclusively on acreage, not on the improvements erected on the property. Those facing the possible condemnation of farm or ranch land may need help proving that the amount offered is unreasonably low and therefore unjust.
Farmers and ranchers trying to move their operations elsewhere or prepare for early retirement may need to consult with an attorney. Responding appropriately to eminent domain claims and condemnation can help to potentially preserve an owner’s assets and a source of future income.The post Has a condemning authority undervalued Texas farmland? first appeared on Showalter Colgin & Davis, PLLC.
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