Imagine you’re operating your Tampa Bay business like any other day when you receive a Notification of Need for Property & Rights from a condemning authority. What does it mean? Basically, the document says the local government intends to acquire your property.
If this should happen to you, you are involved in an eminent domain case. Investopedia defines it as the power of the government to obtain an individual’s property at will. The acquired land will be put to a public use, roads, schools, or other facilities. If the property in question is yours, you will be compensated at fair market value.