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Article: The appraiser and the takings regulation
- Article from:
- Appraisal Journal
- Article date:
- October 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 The Appraisal Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The private property takings issue was first addressed in the Fifth Amendment to the U.S. Constitution, which reads in part, "not shall private property be taken for public use, without just compensation." In the context of the times, that language was clearly directed toward the actual seizure of private property for public use. Modern methods of eminent domain embody the principles set forth in the Fifth Amendment, allowing governmental bodies to take over private property legally when necessary while requiring that those entities pay just compensation when they do take property.
About 75 years ago, the U.S. Supreme Court extended that principle beyond the physical ...