Essential Knowledge On Eminent Domain For Small Business Entrepreneur
Government has powers and rights to make a private sector property a public property which is defined as an eminent domain 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. The government of any country has the powers of eminent domain to take private property necessary to constructing new roads and expanding the existing roads while compensating the owners of the property taken and also rewarding nominal compensation to the business people who have leased their property.
Since many legislatures may take the advantage of the private property and either grab without compensating the owner, the Wisconsin government went against this vise and made a statute to compensate private property owners. 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.
Government must pay the business individuals the worth of their properties such as the land that the organization is located and the losses that include projected business damage claims.
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.
Business owners need not to depend on government appraisals alone since for the last ten years the real estate properties have increased in value and the government seem not to take into consideration these changes hence the business owners should realize this and focus on how to earn more money on this appreciation in commercial and industrial 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.
Business owners should hire an attorney as soon as they are condemned to limit the impact of the eminent domain law on their property and this should call for an advice from business professionals when taking this step.