[§668A-7] Determination of value.

436 words·~2 min read·/hi/668a-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Except as otherwise provided in subsections

(b)and (c), if the court determines that the property that is the subject of the action for partition is heirs property, the court shall determine the fair market value of the property by ordering an appraisal pursuant to subsection (d).

(b)If all cotenants have agreed to the value of the property or to another method of valuation, the court shall adopt that value or the value produced by the agreed method of valuation.

(c)If the court determines that the evidentiary value of an appraisal is outweighed by the cost of the appraisal, the court, after an evidentiary hearing, shall determine the fair market value of the property and the special master shall send notice to the parties of the value.

(d)If the court orders an appraisal, the court shall appoint a disinterested real estate appraiser licensed in this State to determine the fair market value of the property assuming sole ownership of the fee simple estate. On completion of the appraisal, the appraiser shall file a sworn or verified appraisal with the clerk of the court. The appraiser shall mail or deliver to the court a file-marked copy of the appraisal filed with the clerk of the court.

(e)If an appraisal is conducted pursuant to subsection (d), not later than ten days after the appraisal is filed, the special master shall send notice to each party with a known address, stating:

(1)The appraised fair market value of the property as set forth in the appraisal that was filed with the clerk of the court;

(2)That the appraisal is available at the office of the clerk of the court; and

(3)That a party may object to the appraisal not later than thirty days after the notice is sent, stating the grounds for the objection.

(f)If an appraisal is filed with the court pursuant to subsection (d), the court shall conduct a hearing to determine the fair market value of the property not earlier than thirty days after a copy of the notice of appraisal is sent to each party under subsection (e), regardless of whether an objection to the appraisal is filed under subsection (e)(3). In addition to the court-ordered appraisal, the court may consider any other evidence of value that is offered by a party.

(g)Before considering the merits of the action for partition, the court shall determine the fair market value of the property and the special master shall send notice to the parties of the value. [L 2016, c 260, pt of §1]