The waiver of appraisal is typically handled by appraisal management in the appraisal assignment process. At that point, appraisal waiver procedures may be either recommended to the determining official or directly implemented. Even though the appraisal is waived, the Agency must establish and offer an amount it believes represents just compensation for the property to be acquired. The criteria for appraisals do not apply. We suggest that a written report be included in the parcel file.
Agencies have broad latitude in developing appraisal waiver procedures.
This policy may be administered in conjunction with the appraisal waiver process. The acquiring agency must offer the property owner an amount which it believes to be just compensation, and that amount is to be based on, and no less than, the fair market value of the property as determined by a professionally prepared, reviewed and approved appraisal. There are times when the fair market of the property is not necessarily the just compensation. These situations may occur when the property is unique in nature, when the appraisal, although properly prepared, does not estimate just compensation with certainty, or when the appraised fair market value does not adequately measure just compensation. If the approved appraisal does not adequately reflect just compensation for the property to be acquired, then the acquiring agency, using the appraised fair market value as a basis, may establish an amount which it believes does represent just compensation.