How is “fair market value” calculated? Are property owners going to be compensated for only their property, or also the cost of moving and taking time off work?
All property acquired by INDOT follows the guidelines of the Uniform Act and appraisal industry requirements (Uniform Standards of Professional Appraisal Practice). Government programs designed to benefit the public as a whole often result in acquisition of private property, which prompted the passage of the Uniform Act in 1971. Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 contains important protections and assistance for people affected by federally funded projects. This law ensures that people whose real property is acquired, or who move as a result of projects receiving federal funds, will be treated fairly and equitably and will receive assistance in moving from the property they occupy. Homeowners are compensated for the cost of moving, but not for time taken off work to relocate. For more information on land acquisition and relocation, visit www.fhwa.dot.gov/realestate/realprop and www.fhwa.dot.gov/realestate/rights.
Related Questions
- How is "fair market value" calculated? Are property owners going to be compensated for only their property, or also the cost of moving and taking time off work?
- How is "fair market value" calculated? Are homeowners going to be compensated for only their property, or also the cost of moving and taking time off work?
- How should the Property Growth Factor be calculated if the most recent assessment is not available at the time the budget is being determined?
