I just bought land and i heard about this thing called imminent domain??? what's that
and also can you tell me the benefits to being a first time home buyer?
2007-02-12 09:40:50 · 5 answers · asked by bboyballer112 2 in Politics & Government ➔ Law & Ethics
Imminent domain is the antithesis of private property. It permits a governmental body to "condemn" your property and buy it "at fair market value" for use by the public even if you don't want to sell: IE socialism.
2007-02-12 09:53:06 · answer #1 · answered by Phil #3 5 · 0⤊ 2⤋
Eminent domain is the power of a governmental entity (Federal, state, county or city government, school district, hospital district or other agencies) to take private real estate for public use, with or without the permission of the owner.
The Fifth Amendment to the Constitution provides that "private property [may not] be taken for public use without just compensation."
The Fourteenth Amendment added the requirement of just compensation to state and local government takings. The usual process includes passage of a resolution by the acquiring agency to take the property (condemnation), including a declaration of public need, followed by an appraisal, an offer, and then negotiation. If the owner is not satisfied, he/she may sue the governmental agency for a court's determination of just compensation.
The government, however, becomes owner while a trial is pending, if the amount of the offer is deposited in a trust account.
Public uses include schools, streets and highways, parks, airports, dams, reservoirs, redevelopment, public housing, hospitals and public buildings.
As for the First Time Buyer benefits...knowing what you're paying for is YOURS and that you worked hard for it.
Also, Homestead Exemption provides for a primary residence of a person. No other exemption can be claimed on any other property anywhere, even outside the boundaries of the jurisdiction where the exemption is claimed.
Homestead exemption is a legal regime designed to protect the value of the homes of residents from property taxes, creditors, and circumstances arising from the death of the homeowner spouse. Laws enacting such protections are found in state statutes or constitutional provisions which exist in many states in the United States.
Best wishes and welcome home!
2007-02-12 17:49:48 · answer #2 · answered by KC V ™ 7 · 1⤊ 0⤋
Eminent Domain is a law that can be enacted by the local, state or Federal government to take your land for their use. They have to pay you fair market value for it. First time buyer, tax breaks!
2007-02-12 17:48:29 · answer #3 · answered by Anonymous · 1⤊ 0⤋
its when the government buys your land from you and makes it public property they don't need your permission they will give you i think 10 percent higher than book value. for example if they were building a highway and your property was right in the path they would pay you for it.
2007-02-12 17:48:39 · answer #4 · answered by Apache Rose Peacock 3 · 1⤊ 0⤋
well i dont kno bout the benefits but emminent domain is where the government is allowed to take your property if they need to for government reasons such as a power line but they have to pay you for it
2007-02-12 17:49:43 · answer #5 · answered by barlowgirlluv 1 · 1⤊ 0⤋