2000-12-13 Packet - Laserfiche WebLink

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PERTINENT APPRAISAL DATA DATE OF VALUATION The date of valuation is the same date as the most recent inspection: November 30, 2000. FAIR MAR KET VALUE DEFINED (Appraisal Standard #3) Market Value is defined as "the most probable price in terms of money, which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus ". Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised and each acting in what they consider their own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale, or creative terms, services, fees, costs or credits involved in the transaction. The definition is also states in UNIFORM APPRAISAL STANDARDS FOR FEDERAL LAND ACQUISITION published by the Inter Agency Land Acquisition Conference. In Paragraph A -2 it states as follows: "Under established law the criterion for just compensation is the fair market value of the property at the time of the taking. "Fair Market Value" is defined as the amount in cash, or on terms reasonably equivalent to cash, for which in all probability a property would be sold by a knowledgeable owner willing but not obligated to sell to a knowledgeable purchaser who desired but is not obligated to buy." 10