Eminent Domain Appraisals
Collins and Associates helps determine just compensation for eminent domain cases in Southern California.
Federal, state, and local governments may take or regulate private property through their power of eminent domain.
The Fifth Amendment to the US Constitution states in part: ".nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation." It requires government to provide just compensation to the owner of the private property to be taken. A variety of property rights are subject to eminent domain, such as air, water, and land rights. The government takes private property through condemnation proceedings. Throughout these proceedings, the property owner has the right of due process. (562) 694-4920 - Call for more information and FREE CONSULTATION.
Examples of Eminent Domain Public Use
- Fire Stations - Libraries - Police Stations - Widening of Roads - Schools - Parks
Condemnation proceedings vary according to state and federal laws. A proceeding does not require court involvement if the condemner and landowner enter into a contract for the taking of the property for a public use. Condemnation usually consists of two phases: proceedings that relate to the right of the condemner to take the property, and proceedings to set the amount of compensation to be paid for the property taken. The commencement of the proceedings does not curtail ordinary use of the condemned property by the owner, as long as the use does not substantially change the condition of the property or its value.
The private property owner has the right to due process during condemnation proceedings. He or she must be notified in a timely manner and must be given a reasonable opportunity to be heard on the issues of whether the use is public and whether the compensation is just. Due process considerations mandate that the landowner receive an opportunity to present evidence and to confront or cross-examine witnesses. The owner has an automatic right to appeal and to get their own appraisal.
Collins and Associates can assist the landowner with a property appraisal that determines the value of the private property.
Property Tax Assessment Appeals
Collins and Associates, based near Santa Ana, Orange County, California, can help you with tax assessment appeals that might lower your property taxes. Selling prices of residential homes, commercial businesses, and real estate property vary widely over a given month or year. It is easy to assess the value of a property when it is sold, as it has a real dollar value associated with it. When it comes to property and assets you own, but are not selling, tax assessments can vary widely as these are based upon estimated valuations. As these estimated valuations increase, so do tax assessments. Likewise, as estimated valuations decrease, so do tax assessments. If you think your tax assessment is too high, and you want to appeal how much you pay in taxes, there is a process you can follow.
An appraisal of your residential home, commercial property, industrial property, apartments, and small income property by a certified and experienced appraiser (like David Collins and associates based near Anaheim, Orange County) will determine the true value of the real estate property.
Property taxes are determined by real estate property values, not set by local governments. Different formulas are used to figure property taxes, but all depend on a property's assessed value. Some jurisdictions use a property's actual market value, while others use a percentage of a property's worth. Whatever value is used, it's multiplied by the local tax rate to compute the property's final bill. As property values decrease, so do their assessed values. Property owners end up paying less even though the tax rate stays the same. With an updated property appraisal in hand, it will make it much easier to persuade the tax collector to lower your tax bill. The National Taxpayers Union (a Washington, DC advocacy group whose goal is to lower taxes), estimates that as much as 60 percent of taxable property in the United States is over-assessed. Despite the growing tax bills, only half of property owners protest their tax assessments. That means many may be paying more property taxes than necessary. Many taxpayers fail to fight because they don't understand the process or because they do not want to do the research. This is why it is important to work with an experienced property appraiser. They can do the research, explain the process, and if necessary, contact the tax assessor on your behalf and present the client at any hearings.
If you decide on a do-it-yourself appeal, you first need to establish your timeline. When do assessments go out? When is the deadline for appealing? Call your local tax assessor's office for this information. Deadlines, along with the appeals process, can vary from locality to locality. So does the amount of time permitted for an appeal. Sometimes a property owner might have only 30 days to appeal. In other jurisdictions, you could have up to 120 days. If your request for an appeal arrives at the tax assessor's office even a day after the protest deadline, you're out of luck and will have to wait until the following year (or sometimes the next assessment, which could be longer) before you can appeal. Once you receive your assessment, it's time to build your case. You need cold, hard facts. Assessments can be appealed on two grounds: a mistake in the assessment of your property or an assessment at a higher rate than comparable properties.
Mistakes happen more often than you think. Many tax assessors don't even come to your property to inspect it. They simply compare a written description of your property with that of similar properties in your area. The property's square footage, for example, might have been incorrectly calculated on original construction documents. Obvious mistakes aren't difficult to identify. Is the inhabitable square footage correct? Does the assessment say your property has other errors? You should also consider checking the assessment's accuracy by comparing it with a recent appraisal of your property. If you don't have one, hire an appraiser for a new evaluation. Make sure that any property changes, particularly those that would negatively affect the value of your property, are part of the assessment. For example, maybe a bridge has fallen down near your home, making your property much less accessible (and less valuable). Don't forget any modifications you've made. David R Collins and Associates, based near Santa Ana, Orange County, California, can assist with every aspect of tax assessment appeals.
Collins and Associates provide dependable and accurate appraisals in Santa Ana, Orange County, Southern California, and beyond. Principal, David R. Collins is a licensed Certified General Appraiser (G.A.A., S.C.R.E.A.) with over 50 years of appraisal experience. We appraise commercial, industrial, land, income residential and residential properties, providing the type of reliable value that banks and major lending institutions require for loans.
Real Estate Appraisal Reviews
What is a Property Appraisal Review?
Property is any real estate or asset used to conduct business, such as land, building structures, or rental units. An appraisal review on narrative and form appraisal reports requires not only knowledge of OTC, FDIC, NCUA, FNMA, IRS, and USPAP guidelines but also requires years of experience. Our commercial property review experience includes but is not limited to, apartment buildings, office buildings, fast food restaurants, industrial parks, industrial buildings, schools, retail shopping centers, automotive centers, self-storage facilities (mini-warehouses), churches, vacant commercial land and other special use commercial property. The Federal Reserve has stated that financial institutions must have an effective real estate appraisal evaluation program. A residential or commercial review appraiser performing reviews should have the appraisal knowledge and experience to assess compliance with the Federal Reserve Regulation 12 CFR 564.4. A Review of residential homes is very similar to a commercial appraisal review.
Tustin CA Real Estate Property Appraisal Review
The requirements below are prudent real estate property appraisal policies that should be followed on all loans. Property appraisers should provide enough information on their reports so that anyone reviewing the report can clearly and logically understand how they came to their value conclusion. Important property valuation indicators include: