La. Admin. Code tit. 70 § XVII-529

Current through Register Vol. 50, No. 11, November 20, 2024

Section XVII-529 - Valuation of the Entire Tract

A. The value determined for an entire tract is to be the value before the acquisition of the required rightofway absent of any influence of the proposed project construction. The estimated value shall be as of the date of the appraisal study unless the appraiser is otherwise instructed by the project review appraiser or within the Contract for Appraisal Services.

B. Any decrease or increase in the fair market value of real property prior to the date of valuation caused by the public improvement for which such property is acquired or by the likelihood that the property would be acquired for such improvement, other than that due to physical deterioration within the reasonable control of the owner, is to be disregarded in determining the compensation for the required property.

C. Under most circumstances, the value estimate is to include the entire tract, based upon the highest and best use, and is to include all items of real property unless instructed otherwise within the Contract for Appraisal Services. The appraiser may include only a portion of a whole property if, in the highest and best use determination, he/she finds that the portion of the ownership affected by the acquisition is a separate "Economic Use Tract"; the determination is supported and clearly understandable; and the review appraiser concurs in the determination.

La. Admin. Code tit. 70, § XVII-529

Promulgated by the Department of Transportation and Development, Office of Real Estate, LR 33:1374 (July 2007).

AUTHORITY NOTE: Promulgated in accordance with R.S. 48:443.