What is the term for the process of taking private property for public use with compensation to the owner?

The process of taking private property for public use with compensation to the owner is known as eminent domain. This legal concept allows government entities to expropriate private property for a variety of public projects, such as building highways, schools, or parks, provided that the property owner is fairly compensated for the loss of their property.

Eminent domain is rooted in the principle that the government has a responsibility to serve the public good, and, therefore, sometimes prioritizes public needs over private property rights. The requirement of compensation is a critical component of eminent domain, ensuring that property owners are not unjustly deprived of their assets without receiving appropriate payment for their property.

While the term "condemnation" refers to the legal process through which property is taken under eminent domain, it does not itself encompass the entire process, as eminent domain is the overarching principle that includes the right of the government to take the property as well as the requirement for compensation. Escheat relates to property reverting to the state when an owner dies without a will or heirs, and assessment involves determining the value of property for tax purposes, which are both unrelated to the taking of property for public use.