Appraisal Process

An appraisal of property will be made before negotiations are started. The three methods generally used are:

The market value or comparison method: How the property compares with similar properties that have sold in the area
Replacement or cost method: Value based on the cost to replace the improvements, less depreciation
Income method: A valuation determination based on the income the property produces.

Q: What is the purpose of an appraisal?
A: To develop an opinion of the market value for the property being acquired.
Q: Who will appraise my property?
A: An independent real estate appraiser licensed by the State of Texas. The Right of Way Division will write you a letter explaining the need for your property and the letter will give you the name and telephone number of the independent appraiser assigned to appraise your property. Please call his/her office, since at this stage of the process your telephone information may not be available.
Q: How long will the appraisal process take?
A: Approximately 4 to 6 weeks. During this time the appraiser will request a meeting with you to inspect the property.
Q: What will be the appraiser's final product?
A: A written report with supporting data.
Q: Will I be given a copy of the appraisal report?
A: Yes, when the Right of Way Agent assigned to acquire your property presents the purchase offer to you.
Q: Who should I call if I have questions in connection with the report?
A: Your Right of Way Agent.