
The government has four inherent powers that limit private property rights:
P — Police Power:
Government's right to regulate property for public health, safety, and welfare
Includes zoning laws, building codes, environmental regulations
No compensation paid to owners
E — Eminent Domain:
Government's right to take private property for public use
Must pay just compensation (fair market value)
Process is called condemnation
5th Amendment: "...nor shall private property be taken for public use without just compensation"
T — Taxation:
Government's right to collect property taxes (ad valorem)
Unpaid taxes become a lien; can result in tax sale
E — Escheat:
When a property owner dies without a will (intestate) and without heirs, the property reverts to the state
Prevents property from having no owner
Memory: PETE — Police power, Eminent domain, Taxation, Escheat
Reference:
TaskLoco™ — The Sticky Note GOAT