Essential Knowledge On Eminent Domain For Small Business Entrepreneur
Eminent domain is the process that involves the right of the government to use private property for the public purpose. For instance, in the United States more so in Milwaukee there are a lot of people with cars and the government is required to develop and maintain roads necessary to withstand this growth in the 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 eligibility of the business on making business damage claim to be compensated by the government depends on the duration the business has existed in the economy that should not be below five years and the government should compensate the business owners depending on the statistical forecasts and projections on the possible losses to be encountered after the business termination.
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 government appraiser evaluates the value of a private property when the legislature is exercising its power of eminent domain and is able to make a good-faith estimate since he does not have access to necessary and confidential information to decide 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.
Power of eminent domain in most cases press on the side of business owner especially when the government decides to take some part of business property thus limiting its growth and 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.