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. eminent domain powers guarantees the legislative government of a country to buy a private property or lease the property such as individual lands to build new roads, railway lines or expand the existing roads in the country.
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.
When it comes to matters of evaluating the value of a property, small business owners prefer a government evaluator since in most cases the appraiser is not biased in making estimates and has no information essential for estimating the real value of business owner 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.
Government power of eminent domain need to be limited as many individuals are amazed to learn that the government can take their property for public use and should be in full compensation which should fair in market value.
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.