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Eminent Domain and Prejudgment Interest

Eminent Domain and Prejudgment Interest

Eminent Domain and Prejudgment InterestAuthor: Evan LangstedEminent domain is the power of the government to take private property for public use.  The government is obligated to pay the property owner appropriate monetary compensation for their property, in a process called “condemnation.”  Eminent domain can be a confusing and complex area of law.  One of the more confusing aspects of eminent domain is something called “prejudgment interest.” Since courts cannot immediately award compensation to property owners for eminent domain cases (these cases often take years to settle), most jurisdictions allow for interest to be added on to the original compensation amount from the time of the offer to the time of judgment.  This interest is called "prejudgment interest" and is applied to the difference between what was offered to you by the government as its "good faith" offer of compensation and the value of your property (or partial property, including <a href=http://www.florida-eminent-domain.com/severence-damages.php>severance damages</a>) as determined by trial for the time period between when your property was taken and the final trial date (after all appeals, if any).  But what is actually included in this prejudgment interest? Prejudgment Interest and Court Precedent Prejudgment interest is a legal concept employed across the United States, but varies from state to state.  For example, the Florida Supreme Court decided the question of prejudgment interest (which it considered to be "of great public importance") in Boulis v.

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