1990 - Laserfiche WebLink

Home Browse Search

VAMURPHY APPRAISALS W.T. "BILL" MURPHY ASA, IFAS, MGA, SRA anal Estate CVq#P%a1ic%& November 20, 1989 Mr. T. K. Haynes, City Attorney City of Paris Box 1037 Paris, Texas 75460 Dear Mr. Haynes: Coniaftanta 1360 N.IMAIN PLACE -SUITE D P 0, BOX 696 TELEPHONE 161.3331 PARIS, TEXAS 75160 I submit herewith my market value appraisal report of the damages or enhancement caused by the taking of a .05 -acre utility easement along the west side of U.S. Highway 271 North, in Paris, Texas (Boyd.property). The purpose of my appraisal is to estimate the damages or enhancement to the property as the result of a taking by the City of Paris, Lamar-County, Texas, in due process, to provide a basis for just compensation. Definition of Market Value Market value is the highest price which a property will bring if exposed for sale in the open market for a reasonable time by a willing seller and sold.to a willing buyer, neither being under any compulsion to act, both the seller and buyer having full knowledge of all the uses and purposes for which the property is being'used and for which it is capable of being used. Definition of Just Compensation The U.S. Supreme Court case of Olson vs. United States, 292 U.S. 246, is most often cited as the authority on condemnation law, and defines just compensation as follows: "Just compensation includes all elements of value that inhere in the prop- erty, but it does not exceed market value fairly determined. The sum required to be paid the owner does not depend upon the uses to which he has devoted his land, but is to be arrived at upon just consideration of all uses for which it is suitable. The highest and most profitable use for which the property is adaptable and needed or . likely to be needed in the reasonably near future is to be considered, not necessarily as the measure of value, but to the full extent that the prospect of demand for such use affects the market value while the property is privately held." Definition of Highest and - -:.Best Use Highest and best use is the most profitable likely use to which a property can be put. The opinion of such use may be based on the highest and most profitable con- tinuous use to which the property is adapted and needed, or likely to be in demand for, in the reasonably near future However, elements affecting value which de- pend upon events or a combination of occurrences, which - while within the realm of possibility - are not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. Highest and best use is also defined as that use of land which may reasonably be expected to produce the greatest net return to land over a given period of time; that legal use which yield to land the highest present value sometimes called its optimum use. In my opinion, the damages or enhancement to the .05 -acre subject is as follows: Fair market value prior to the taking (1.56 acres) $62,595 Fair market value after the taking $60,518 Damages or enhancement due to the taking of the utility easement $ 2,077 Total damages (rounded) $ 2,077 This opinion of value is based upon my personal inspection of the land and its improvements as of this date, November 20, 1989. Respectfully submi d, W. T. "B 11" urphy, ASA, IFAS, A 111111m, 91 EXHIBIT A