How is fair market value for residential property determined?
Full fair market value is the amount a willing buyer would pay a willing seller for the property on the open market, with neither the buyer nor the seller acting under duress. What this means is ODOT will pay you the value you would expect to receive if you were to put your property up for sale on the open market. In most instances the value is computed by determining what similar properties in your neighborhood have been selling for over the past couple of years.
