New developments However, what does eminent domain mean, and how does it work?

The expression “eminent domain” is a reference to the power of government to take private property for use for public benefit. This includes bridges, roads as well as hospitals, schools Airports, pipelines railways, water systems along with tollways, as well as other infrastructure projects. In return for this land, the government must pay fair market value for it.

In some cases, cities and counties will give owners the amount they need to make their mortgage payments. When an important project, such as a highway needs to be completed quickly, this is called “just compensation.”
Certain situations are in which the government can’t afford to purchase a property at an amount that is fair to market. If, for instance, a flood damages a home and the homeowner is unable to repair it, the government might have to pay for the home’s owner’s mortgage.

When the government exercises its eminent domain powers the government usually has to pay the property owner with taxes. Sometimes, however, the government can borrow funds from banks and investors to pay for the cost. fx1iwavww3.