Property law - Essay Example

Download file to see previous pages... Therefore, for purposes of this brief essay, this author will attempt to engage and analyze the level to which property rights play a defined and equitable part of our current society as well as seeking to define and comment on the issues associated with the recent problems regarding the understanding of “eminent domain”. The United States was founded upon a free market economy which has doubtless served to make it the wealthiest nation on earth. Whether or not one can completely agree with the way in which capitalism works, it is inarguable that the benefits of such a system have worked to raise a standard of living and overall economic power within the United States that is not represented elsewhere in the global system. Naturally, one of the prime determinants of this success is the strong belief in and adherence to the concept of “personal property”. After breaking away from the British Empire, the colonies sought to differentiate themselves from the excesses that the British had visited upon them. One of the main reasons in the Declaration of Independence was the fact that the British Crown could commandeer and control any colonial asset in the name of the King for any reason at any time. This served as a very strong sore spot within the colonial shareholders and was no doubt a prime reason why the rebellion began as well as a prime reason that each of the states as well as the loosely confederated government above them sought to rigidly define property rights in terms that would be most beneficial to the owner. Fundamental changes to property rights began to be effected in and around the dawn of the 20th century as jurisdictions began to tax these properties as a way to generate revenue for the requisite entity in question. Although opposed by many, this form of tax became more or less standardized throughout the United States by the middle of the century. Although not all citizens appreciated this new trend, the taxes went to support the economic development of an increasingly advanced society. To such an end, the revenues from taxable land have been primarily used for infrastructure improvement, support and development of key community services (to include fire, police and EMS), and providing useful shareholder investment into a region’s educational development. Some have argued that the existence of such a form of taxation necessarily reduces the overall level of ownership that the individual is able to enjoy. However, it is the belief of this author that taxation of land and other real investments, although taking a degree of ultimate ownership away from the individual, serves an extraordinarily important role in seeking to develop key infrastructure assets that necessarily add to the net value of the property in question. Lastly, the right of “eminent domain” is an issue that has dominated many news headlines of late. Broken down to its purest form, “eminent domain” refers to a subset of property laws that state that if requisition by a given public entity is in the best benefits of a broader group then such can be accomplished with or without the agreement of the ultimate property owner providing that notice is given (Blake 12). This is naturally a bit of a deviation from the original understanding and intention of personal property; however, such an interpretation is needed in extreme cases where infrastructure improvements hinge upon the sacrifices of a few key shareholders. Like any ...Download file to see next pagesRead More