ECONOMICS
PROPERTY RIGHTS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the right of government to confiscate personal property from the owner
|
|
|
an inherent power of government
|
|
|
just compensation at fair market value
|
|
|
taking property through legal procedures
|
Detailed explanation-1: -eminent domain, also called condemnation or expropriation, power of government to take private property for public use without the owner’s consent. Constitutional provisions in most countries require the payment of compensation to the owner.
Detailed explanation-2: -The inherent power given to the sovereign to acquire the property of an individual without the necessity of his consent for public use is known as eminent domain. The subsidiary limitation of this power is that the property shall not be taken without giving the compensation.
Detailed explanation-3: -Eminent domain, simply put, is the State’s power to acquire private property against the consent of the owner for a ‘public purpose’. There are three commonly accepted elements to it. First, the taking should be under a valid law. Second, the land owner must be paid just compensation.
Detailed explanation-4: -While exercising the power of taxation the State need not pay any compensation to the person connected instead of that citizen has to pay taxes to the State and whereas in case of power of eminent domain, the State is under an obligation to pay compensation to the person interested.