n recently. What exactly does “eminent domain” means? And how could it be utilized?
The expression “eminent domain” refers to the government’s right to take private property for reasons of public interest. This can include bridges, roads and hospitals, schools, airports, pipelines, railways, water system or tollways as well as other infrastructure initiatives. The government is willing to pay a reasonable market prices for all property it acquires.
Some counties and cities provide owners with more than they have for their mortgages. This is often referred to as “just compensation.” This type of offer is generally made when a massive construction project, such as a highway, requires construction in a short time.
There are instances that the government is unable to cover the market value to a property. As an example, in the event that an earthquake damages a house then the government could have to pay for the homeowner’s house.
If the government is using the eminent Domain power normally, it pays for the property using tax dollars. Sometimes, however it is possible for the government to get money from investors and banks to help pay the expenses. e4oht3ds28.