When a government entity wants to take over private property for public use in Florida, it is said to be exercising its power of an eminent domain. The process can be complicated, and the property owner’s compensation can vary depending on the type of taking. Take a look at the three types of takings and what you can expect as a property owner in each case.
This is where the government physically occupies or uses all or part of your property. A good example is when the government wants to build a road or a public building on your land. In these cases, they’ll compensate you with funds equivalent to the fair market value of that property.
There are also instances where the government may not need to occupy or use the entire property, but their actions still result in a physical taking. For example, if the government wants to build a dam that will flood part of your property, the law requires them to pay for the portion of the land that would be affected.
Regulatory taking is when the government imposes regulations that restrict the use of a privately owned property. For example, if the government imposes a zoning restriction that prevents you from developing your property, the law may require them to pay for the loss in value of that premise.
Pro tanto takings
The third type of eminent domain is pro tanto taking, which is when the government takes only a part of the property, and the owner retains the rest. For example, if the government wants to build a road that will go through your property, they may only take a small portion of your land for the road. In this case, you would still retain ownership of the rest of your real estate.
Each eminent domain has its unique compensation requirements. You need to know the type of taking that can occur on your property, which will help you understand your rights and options that you can exercise to get the best possible settlement.