Fair market value sounds objective. In practice it rests on assumptions, and assumptions can be tested.
Fair market value asks what the property would bring between a willing buyer and a willing seller, neither under compulsion, both reasonably informed.
An appraisal applies that standard to a specific property through comparable sales, income analysis or cost, and every one of those routes involves judgment about what is comparable and what is possible.
What the property could reasonably be used for, not only what it is used for.
ExploreComparable salesWhich sales are genuinely comparable, and which are not.
ExploreThe date of valuationValue is measured at a point in time.
ExplorePartial takingsValuing the part and the whole is a different exercise.
ExploreEasement interestsA permanent easement is not valued like fee title.
ExploreYour own appraisalOwners may present their own evidence.
ExploreEvery appraisal states them, and they drive the number.
Location, size, zoning, access and date all matter.
An understated use produces an understated value.
Residue damage, access and profits are often absent.
Independent evidence is the practical way to test a figure.
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