Condemnation

AAA

DEFINITION of 'Condemnation'

The seizure of a property by a public authority for a public purpose. Condemnation often occurs when a taxpayer owns property or real estate in a place that has been designated for public use or construction. Condemnation is exercised by public authorities through the power of eminent domain.

INVESTOPEDIA EXPLAINS 'Condemnation'

Condemned property must be appraised by the condemning governmental authority. The owner of the property is then offered the appraised value for the property seized. This offer is called a pro tanto award. The owner can decline the award and hire a lawyer if the owner feels the pro tanto award is insufficient.

Condemnations can be used to make way for private projects as well as public ones, if the public authority believes the project will serve the public good.

RELATED TERMS
  1. Environmental Tariff

    A tax placed on products being imported to or exported from countries ...
  2. Just Compensation

    Compensation provided to an owner whose private real property ...
  3. Nationalization

    Refers to the process of a government taking control of a company ...
  4. Eminent Domain

    The power the government has to obtain the property of an individual ...
  5. Pro-Tanto

    A Latin phrase meaning "for so much" which is often associated ...
  6. Property

    1. Anything over which a person or business has legal title. ...
RELATED FAQS
  1. What is property, plant and equipment, and what does it mean?

    Property, plant and equipment (PP&E) is a term that describes an account on the balance sheet. The PP&E account ... Read Full Answer >>
  2. Who are the most famous people convicted of insider trading?

    In finance, insider trading refers to the buying and selling of security by a person who has access to material non-public ... Read Full Answer >>
  3. What are some common features of a mixed economic system?

    A mixed economy is defined by the co-existence of a public and private sector. The specific mix between public and private ... Read Full Answer >>
  4. How does the Affordable Care Act affect moral hazard in the health insurance industry?

    To see how the Patient Protection and Affordable Care Act, or "Obamacare," affects moral hazard in the health insurance industry, ... Read Full Answer >>
  5. What parameters are required for a market to exhibit perfect competition?

    A perfectly competitive market requires homogeneous goods, perfect knowledge, no barriers to entry or exit, and each firm ... Read Full Answer >>
  6. What is the history of the sustainable growth rate?

    The sustainable growth rate (SGR) can refer to different things. The two most common references are to the Medicare SGR or ... Read Full Answer >>
Related Articles
  1. Home & Auto

    Attention Home Buyers! Why You Need A Lawyer

    Property transactions are complex and subject to specific state/local rules. A professional can simplify the process.
  2. Taxes

    A Tax Primer For Homeowners

    Go beyond interest and find out how mortgage points affect your taxable income.
  3. Home & Auto

    Simple Ways To Invest In Real Estate

    Owning property isn't always easy, but there are plenty of perks. Find out how to buy in.
  4. Taxes

    Avoid Capital Gains Tax On Your Home Sale

    If you have property to sell and want to avoid capital gains tax, a Section 1031 exchange may be the answer.
  5. Economics

    Assessing The Pros & Cons of Immigration Reform

    Many of the arguments for and against immigration reform focus on the economic impact of the legislation, including its effect on job growth and wages.
  6. Insurance

    Top 10 Travel Health Insurance Companies

    Before you take a long trip abroad – or move there – make sure you have enough health coverage. That goes double if you go in for "hazardous sports."
  7. Insurance

    Is My Health Insurance Good Abroad?

    Which emergencies will your health insurance cover (or not cover) if you get sick in a foreign country? Here's how to protect yourself.
  8. Personal Finance

    Step-by-Step: How To Replace Or Renew Your Green Card

    It's not fast and it's not cheap. But it is pretty easy. Here's how.
  9. Options & Futures

    SEC-Regulated Options Brokers

    Investopedia provides a List Of SEC-Regulated Options Brokers
  10. Personal Finance

    Why Do Employers Have To Fill Out The I-9 Form?

    With all the employment opportunities in the U.S. attracting people from around the world, the I-9 form establishes who is eligible to work here.

You May Also Like

Hot Definitions
  1. Capital Stock

    The common and preferred stock a company is authorized to issue, according to their corporate charter. Capital stock represents ...
  2. Unearned Revenue

    When an individual or company receives money for a service or product that has yet to be fulfilled. Unearned revenue can ...
  3. Trailing Twelve Months - TTM

    The timeframe of the past 12 months used for reporting financial figures. A company's trailing 12 months is a representation ...
  4. Subordinated Debt

    A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known ...
  5. International Financial Reporting Standards - IFRS

    A set of international accounting standards stating how particular types of transactions and other events should be reported ...
  6. Geometric Mean

    The average of a set of products, the calculation of which is commonly used to determine the performance results of an investment ...
Trading Center