The Things Small Business Owner Ought To Know About Eminent Domain
Government has powers and rights to make a private sector property a public property which is defined as an eminent domain United States is one of the fastest growing population country and in this case government has no option rather than using the private estates to build more roads and public places to support this growth in population eminent domain powers guarantees the legislative government of a country to buy a private property or lease the property such as individual lands to build new roads, railway lines or expand the existing roads in the country.
For instance, the Milwaukee government-recognized public domain inequity and passed a law allowing business entrepreneurs to make claims to be compensated under circumstances of leasing their property or fully selling them to the government. The business should have existed for at least five years to be able to claim for any damages, losses, and drawbacks that would be caused by the government taking their property and it should be ensured that the claimed amount meet the projected loss to the business coming to an end.
For the individuals owning the land that the firm is located on, the central government should compensate for the value of the property it takes and damages to the remainder of the business people property with the possible damage claim.
The power of eminent domain need to be exercised in good faith and the government makes this possible by choosing a neutral appraiser from the government itself to reduce a risk of giving anticipated results when estimating the real value of the property.
On the other hand, the government appraisals tend to be low as they take inadequate account of the escalating real estate market and for over the last ten years, industrial and commercial properties have experienced rapid increase in value and as the business owners are entitled to know the benefits of this increase in value if the government wishes to acquire their properties.
Many business people are surprised to know that the government can take their property for its own use and thus they need to understand that they are entitled to fair market value as well as costs associated with estimating fair market value such as attorney’s fees and appraisal costs hence making the property owner whole.
The government should rather take the whole land from the business than taking part of the business since this limits the business from being accessed by customers and future expansion.
Condemnation on business owners property calls for hiring of an attorney to enable the owners of the private property to get a full compensation.