Land Use & Zoning
A 'taking' under the Fifth Amendment requires the government to pay just compensation when:
AAny regulation reduces property value by any amount
BThe government physically takes or so severely restricts property that it eliminates all economic use✓ Correct
CA locality changes a zoning designation
DA property fails to meet building code requirements
Explanation
Under the Fifth Amendment (and Virginia Constitution Art. I § 11), a regulatory taking occurs when government action physically takes property or so thoroughly restricts its use that it eliminates all economic value, requiring just compensation.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
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