Eminent domain is a complex legal process wherein a governmental body may take land from a private property owner and compensate them for the taking. While it may seem as though a Florida land owner will ultimately be made whole through the compensation they receive from the governmental body, this is only true if the land which was taken was valued appropriately.
Valuation is the process of determining how much something should cost and, when it comes to land, valuation is critical to ensuring that individuals get a fair price for what they must give up. Whether it is through a private sale or a taking through eminent domain, property owners can and should work with professionals who will help them advocate for fair property valuations.
In some cases a property owner may not have their full parcel taken through eminent domain, and when this happens there is a chance that the remaining property will suffer a diminished value without the other taken piece. In situations like this a property owner may be entitled to further compensation for the loss of value that they suffered from having an incomplete taking of their land.
Valuation is a process that ensures property owners are not taken advantage of when their land is subject to eminent domain. The Property Rights Law Firm, located in Lake Mary, is prepared to fight for fair valuation of their clients' land. When valuation is ignored or improperly applied, property owners can become financially harmed by both the loss of their land and the undervaluing of the taken parcels that the government claimed from them.