When a government authority is taking your land, you may want to know if you should accept compensation based on the tax value of your property. The answer is no, you should not. Here are the top 3 reasons why you shouldn’t.
The Tax Value May Not Be Accurate
Even the authorities know that the tax value may not be accurate. That’s the reason they have their own appraisers to determine the value of your property.
This will be very clear if you recently bought your property. You would have a good idea of its worth and you may realize that the government’s offer is significantly lower.
But if you’ve owned your property for many years, you may not have the best idea of its present worth. Even the, your tax value is not the correct worth of your property.
Tax Value Is Not an Individual Assessment
For some owners the tax value of the property may be the same as the property’s real value. But it wouldn’t often be true. The tax value of your property is based on a formula applicable to all properties. But that may not be the true worth of your property.
In addition, the eminent domain laws allow for the property to be valued according to the highest and best use. The tax value is not equal to that.
Tax Value May Have Been Determined During a Market Low or High
If your property tax value was determined at a time the market was facing a recession or high, the tax value may not reflect the value as per the current market rate.
The best thing to do is to hire an eminent domain services firm, such as Sullivan, Workman & Dee in California, who keep your best interests in mind while representing you or negotiating for you with the condemning authorities.
To consult an experienced eminent domain attorney in California, call Sullivan, Workman & Dee LLP at 213-624-5544. Qualified trial lawyers with successful track records help you successfully in cases of eminent domain.