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2007-08-20 17:30:55
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Article by Paul F Davis |
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As a Central Florida property appraiser, Paul Davis, founder of Midstate Appraisals, is savvy and knowledgeable when it comes to "just compensation" for purposes of eminent domain.
Eminent domain is the power of the state and federal governments to take private property. While the government may regulate the use of property, excessive regulation that goes too far constitutes a taking and requires an exercise of the power of eminent domain.
The power of eminent domain is limited by the 5th Amendment's taking clause.
a. The taking must be for a public use.
b. Just compensation must be provided to the property holder.
Just compensation is determined by several key factors, which mandates that the owner receive a reasonable return on their investment.
1. What is reasonable and just is determined by the fair market value of the property at the time of the taking.
2. The theory of "highest and best use" to which property can conceivably be made profitable economically effects the determination of value.
3. The government is not required to pay relocating expenses (though morally they should be) when the owner seeks to secure a new residence or property for business purposes as a result of the forced and compensated governmental intrusion/eviction.
4. When payment of market value would be manifestly unjust to the owner or the public, or the value is too difficult to discern, substitution value may be required.
The concept of "public use" is by nature cleverly ill-defined by local and state government, thereby giving them more leverage when negotiating and seeking to legally justify a taking of property. That being said the ambiguity also leaves room for the property owner to articulate their case in court and remedy any economic losses caused by eminent domain.
Never easily just roll over without receiving fair and just compensation for a government taking of your property. Get a fair and accurate appraisal to justify and maximize your compensation, which you are rightly entitled to as the original owner of property.
Paul Davis is Central Florida's favorite and most reputable property appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A builder for over twenty years and also a real estate broker, Paul Davis brings a wealth of knowledge to the table as an appraiser.
His company Midstate Appraisals serves Central Florida (Lake, Orange, Osceola, Polk, Volusia, and Brevard counties).
Contact Paul Davis and Midstate Appraisals for your next appraisal:
(352) 636-6672 office
(352) 242-9973 mobile
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