Right of the government to convert a private property to a public property is all that makes 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.
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.
Government estimates for the last ten years have not adequately taken into consideration the rapid appreciates on real estate markets and this has called for their incompetence and thus the real property owners need to realize the advantages of commercial and industrial properties escalation when the government need to take their property.
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.
Attorney does not stop the government from taking property from business owners but in one way helps to significantly minimize its scope and business individuals ought to hire one.