Acquisition appraisal, also known as acquisition valuation, refers to the evaluated market value of a property intended for acquisition, often for public use or eminent domain. This appraisal determines the compensation amount offered to the property owner.
Necessity, often referred to as Public Purpose, encompasses the concept that certain conditions justify governmental actions, such as expropriations, to serve the broader needs of the community.
A landmark 5–4 Supreme Court decision in 2005 affirming the constitutionality of a condemnation of land for the economic development of the town. The case, known as Kelo v. City of New London, sparked significant changes in eminent domain laws across various states.
Public Purpose is the justification that the government must establish in its powers of Eminent Domain to acquire private property, demonstrating that the property will be used for the public good.
