What Type of Property Can the Government Take Through Eminent Domain?
Eminent domain is a scary topic for property owners. Through eminent domain, the government has the power to essentially take anything that you may own from a property perspective. All they have to do to complete the transaction is to prove that the property is necessary for public use and also pay you fair market value in exchange for it. These two factors are not difficult for the government to prove. All they really would have to do is come up with a public need in order to initiate the transaction.
So what kind of property can actually be seized by the government via eminent domain? Is any of your property safe? What many people in Jacksonville, FL know is that eminent domain does certainly apply to real estate. This includes buildings, residencies, land, and so on. What else can be looped into personal property that can be taken by the government, though? Let’s take a look at just how much power the government has when it comes to obtaining property via eminent domain.
The Most Common Property Types Obtained
There are some types of property that are far more common to be obtained by the government via eminent domain than others. The most common by far is that of land. You may own a piece of land in a city or town that the government needs. This could be for a public use such as building a new road, building a school, a police station, or something of that nature. Once they justify the need for public use, they will begin to start to negotiate with you and make you offers of what they consider to be fair market value for that property.
Outside of land, the other most common type of property taken via eminent domain is that of real estate property. This can include everything from a single-family home to an entire office building or corporate headquarters. These can be obtained for largely the same reason as the land being obtained. It could be obtained just to demolish the real estate to utilize the land, or for the government to actually use the residency or office building for the use of the public, whatever they claim that to be.
Other Property Obtained Via Eminent Domain
This is where things begin to get scary when it comes to eminent domain in the state of Florida and abroad. When you look at the eminent domain law, the government really has the power to seize or obtain just about anything that they want. There is one main rule that can determine whether or not property can be obtained by the government via eminent domain and that is ownership rights. If the property has an ownership component to it, then it can be obtained via eminent domain.
So what types of things can have an ownership component to them? This could be everything from inventory to vehicles. It may not even be something that could be seen as tangible. Intangible assets have also been obtained by the government in the past. This could be something such as a brand or a trademark. You may have an invention that is needed by the government for public use. Any of these types of assets that have that ownership component are out in the open to be obtained.
Knowing Your Rights as a Property Owner
As a property owner, you do have rights when it comes to eminent domain. Sure, the government does have to prove public use and give you fair market value. What that fair market value though is often up for negotiation. Having an eminent domain attorney that knows the laws at the federal and state level in Florida will provide you with a lot of insight in regard to what you have the power to stand up t the government on. After all, it is your property that the government needs.
Eminent domain can be terrifying if you have any property that has an ownership component to it. Chances are that you have poured your hard work into whatever property that you have, whether it be a business, a single-family home, or something entirely different. Understanding what can be obtained via eminent domain can help you put into perspective what is at risk to be obtained by the government. Knowing the law and understanding your rights will help you in the event that they try to obtain whatever property they deem necessary for public use.