UK Accounting Glossary
Eminent domain is a constitutional provision, through which the government may exercise its power to seize private property for public use without the proprietor’s consent. Eminent domain exists in many countries, including the U.S. In the United States eminent domain is secured by the Fifth Amendment to the constitution. Under eminent domain, the government is required to offer just compensation to the property owner. That usually means that eminent domain will guarantee a fair market value for condemned property. Eminent domain is sanctioned by federal or state government to condemn private property for public use, which may include roads, hospitals, schools, or any other public facilities. Eminent domain is a highly charged legal issue, typically argued on the grounds of what constitutes public use.
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This glossary post was last updated: 9th February 2020.