Condemnation is the seizure of property by a public authority for a public purpose. Condemnation typically occurs when a taxpayer owns property in a place that has been designated for public use or construction.
In this context, condemnation refers the act of a government entity claiming private real estate for public use through a right known as eminent domain. In this context, condemnation does not refer to a property being deemed unfit for inhabitants.
An example of condemnation would be a local government taking a portion of a retail property’s parking area in order to widen a public road. In the case of condemnation, the seizing entity must compensate the property owner for the taking, but does not require their consent.
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Hypothetical example(s) are for illustrative purposes only and are not intended to represent the past or future performance of any specific investment.
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