Eminent domain is a serious concern, and may be a serious threat, to property owners which is why they should understand how it works and how to challenge a government taking if that is what they want to do. Many different types of property owners may be faced with eminent domain concerns so it is helpful to be familiar with the ins and outs of eminent domain and what it means for them.
Private property owners; homeowners; business owners; corporations; associations; agribusiness; utility owners; and others may all face eminent domain concerns. Eminent domain refers to the taking of property by the government for public use. Eminent domain has a significant impact on the property owner’s property rights and ownership of the property which is why property owners of all kinds should be familiar with the different legal options available when they are threatened with a taking of their property.
Property cannot be taken without just compensation to the property owner. Just compensation is usually measured by what the fair market value of the property is. It is essential that property owners facing the taking of their property to ensure it is properly valued and that they receive fair compensation for the taking of their property. Other legal options are available in some circumstances to challenge the taking of the property owner’s property if it is being taken for a non-public use and in other possible circumstances as well.
When so much is on the line, including the ownership and property rights of the property owner, it is valuable to be familiar with the legal resources at the disposal of the property owner. Property owners should be familiar with their rights, how to assert those rights and the legal options available to them when facing a taking of property through eminent domain.