Section 5: Comparable Sales Subsequent to the “Date of Taking”
Anchor: #i1000247Procedure
The appraiser must consider several factors when using comparable sales in an update or additional appraisal report after the “date of taking”. The factors involved in these sales are the possibility of their value increasing or decreasing due to a change in the general economy or because the sale is located on the project. In either case, it would be necessary for the appraiser to make certain adjustments in comparing the sale to the subject. If the change in value is due to a change in the general economy, the appraiser will make an adjustment for market conditions (date of sale and time adjustment). In the case of a sale on the project, whether it is before or after the “date of taking,” or a remainder or whole property left with frontage, makes no difference since the factor to be concerned with is whether the sale has been impacted by project influence. If there has been a large change in value to the sale due to the project, then that sale would not be relevant for comparison to the subject. If it can be determined that the sale is not impacted by project influence, then the sale can be compared to the subject just as with any other sale.
In an eminent domain case, the mere fact that a sale occurred after the date of taking does not automatically render such data inadmissible. The trial court is vested with broad discretion in determining whether such sales are appropriately comparable according to the same rules which would be applied to sales before the date of taking. Sales that are too remote in time or reflect an increase in value directly attributable to the project for which subject property is being acquired are not admissible.