How is the Fair Market Value of my Property Established?

Hello, my name is Raymer Maguire, I’m a 30 year eminent domain practitioner, I limit my practice to representing property owners and business interests. And the question at hand is, how is the fair market value of my property established? Generally speaking, it is based on the comparable appraisal process. So, properties that are similar to yours are selected, which means they’re generally in the same part of town, not always, they tend to have similar characteristics, and you make sure that the buyer and seller of those comparable sales weren’t influenced unduly. And then, those sales prices are used by appraisers to estimate the value of the property based on the comparable sale approach.