In the United States, the government can condemn any private property and assets, including land, intellectual property, contract rights, and patents.
If you get an eminent domain notice, it may be helpful to educate yourself about the condemnation process. Under these proceedings, the government can either completely, partially or temporarily take your property.
Total or complete taking involves seizing an entire piece of land. Authorities may seek to take a whole property for large construction campaigns.
Meanwhile, partial taking means the government takes a partial piece of property. This process may be more complicated than complete taking since it can be easier to assign value to a whole land than to determine the value of its individual parts.
The government may also seize your land for a certain period under temporary eminent domain. For some, this process can be a form of leasing, and compensation can be based on the property’s rental value. It can provide you with income for a property you may not have been able to lease under other circumstances.
If you receive a condemnation notice, it is crucial to be aware of your rights as a property owner.
The condemning entities must compensate you for the part of the land they take, regardless of how much they seek to seize. Compensation must cover the damages that the rest of your property incurs during the project. Moreover, they may only seize your assets for construction projects that the public will benefit from.
Additionally, you have the right to legally challenge an attempt to take your property. You may have a case if you have reason to believe that the government doesn’t intend to develop something for public use.