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Nick Sparks
Nick Sparks, Businessperson
Category: Legal
Satisfied Customers: 35
Experience:  I limit my answers to areas where I have personal experience or insight.
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Realestate valuation question

Customer Question

Property abutting my property is requesting to be rezoned to C-1. The owner of the property wants to put a Restaurant up front with parking in the rear. Therefore, my backyard will be abutting to a parking lot for a Restaurant. My question, I believe this will decrease my property value. Is this true? Please provide me with facts to support your answer. I have a public hearing I’m attending tonight to present my argument. Thank you.
Submitted: 11 years ago.
Category: Legal
Expert:  Nick Sparks replied 11 years ago.
Brent, the problem is that no two properties are alike. One
person in this situation may succssfully argue that his
quality of life will be reduced, lowering his assessment.
Another might see a great invetment opportunity in which
the house is levelled, the property rezoned and sold to the
restaurant for a sweet price.

The process for determining property value is based on
comparing one property with similar properties in the area.
Comparing your house now with similar houses would
suggest one valuation. Comparing your house with similar
houses that abut a commercial establishment might yield
something quite different.

Property tax consultants, who charge a fee to challenge tax
assessments, use this method to make their case. It is quite
unfair that you must potentially spend money and time
simply to protect yourself, but it is the hard facts that will
win the day for you if you choose to fight.

One compromise would be to pay a modest sum to an
experienced real estate agent for a written opinion. (I'm
thinking perhaps $100.) If you live in a community where
the agent is known, it may help.

Sometimes a compromise is reached in which the developer
pays the private home owning neighbor a sum of money to
defray the negative impact on property value.

If you have a mortgage, the party holding the mortgage has
a vested interest in the value of your property. You might
consult them. Perhaps they will issue you something in
writing that you can present.

Don't hesitate to ask for a delay if you cannot produce all
your documents for tonight. But you may or may not get it,
and it isn't fair to jerk everyone around without good
reason.

A property is worth what you can sell it for, and that
changes on a daily basis. I think the majority of people
would agree that a parking lot reduces the attractiveness of
a home, but you have to present your case using language
they understand, and not simply subjective opinions. I can
tell by the phrasing of your question that you already know
this. The question is whether you are willing to do the
legwork needed to make a strong case.

Dragging neighbors along and asking them to support you
is also very helpful.

I hope this guidance is useful. Good luck.

Nick
Nick Sparks, Businessperson
Category: Legal
Satisfied Customers: 35
Experience: I limit my answers to areas where I have personal experience or insight.
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