WHAT IS EMINENT DOMAIN?
WHAT IS EMINENT DOMAIN?
By definition eminent domain is the authority to acquire or take, or to authorize the taking of, private property for a public use or for a public purpose with just compensation offered for the taking. As it relates to redevelopment agencies, an agency may carry out the power of eminent domain but only through the specific approval of the municipality and then it must be done in accordance with Chapters 73 and 74, Florida Statutes. Eminent domain is used when the value of just compensation, through an appraisal process, cannot be determined. Eminent domain involves a court process that establishes the just compensation value for a piece of property along with related to court costs, expert testimony fees, legal fees and any punitive damages to the seller. This becomes a very expensive cost and usually if the owner of the property and the buyer of the property cannot settle on a fee outside of court, the property is not bought.
By definition eminent domain is the authority to acquire or take, or to authorize the taking of, private property for a public use or for a public purpose with just compensation offered for the taking. As it relates to redevelopment agencies, an agency may carry out the power of eminent domain but only through the specific approval of the municipality and then it must be done in accordance with Chapters 73 and 74, Florida Statutes. Eminent domain is used when the value of just compensation, through an appraisal process, cannot be determined. Eminent domain involves a court process that establishes the just compensation value for a piece of property along with related to court costs, expert testimony fees, legal fees and any punitive damages to the seller. This becomes a very expensive cost and usually if the owner of the property and the buyer of the property cannot settle on a fee outside of court, the property is not bought.
posted by Editor Facts & Myths at 11:49 AM
0 Comments:
Post a Comment
<< Home