How will the property value be determined?

The fair market value of a property purchased through this program will be determined by an appraisal.  If a property owner is not satisfied with the appraisal result, the property owner may seek their own appraisal.  If the property owner is still not satisfied, the property owner may opt out of the program and not sell the property.

Please note that initially, property values used for the FEMA grant application process will be based on the current year estimated tax appraisal value determined by the Dallas or Collin County Appraisal Districts (CAD).  However, the actual purchase contract, between the City and the property owner, will be based upon the fair market value determined in the appraisal process.


Show All Answers

1. What is the purpose of the program?
2. How do I apply for the program?
3. What properties are eligible for the program?
4. Is this program mandatory?
5. Does this program affect the value of my property?
6. If I am not selected, do I have to apply every year?
7. When can applications be submitted?
8. What if I change my mind after the application is submitted?
9. How will the property value be determined?
10. What if I disagree with the fair market appraisal value provided by the City?
11. Will the City exercise eminent domain to acquire properties for this program?
12. How long does the buyout process take?
13. What if the grant application is not selected by FEMA?
14. Why does the buyout process take so long?
15. When will the applicant know if their property has been chosen to be a part of the program?
16. What happens to the property after the buyout process?
17. If a homeowner has negative equity on their mortgage, can they participate in the program?
18. Are rental properties eligible for the program?
19. Does the property owner receive reimbursement for moving expenses?
20. What if the property owner’s application is rejected by the City?
21. If my application is accepted by the City, am I guaranteed to be included in the grant application to FEMA?
22. Can I apply if I do not have an active flood insurance policy through the National Flood Insurance Program (NFIP) or if I previously had a policy but no longer carry it?