What is condemned property?
Condemned property is property that was closed, seized, or restricted use for public purposes. For example, if the government is building new public buildings, they may condemn or seize your property. In return, the government is suppose to compensate the taxpayer or provide a replacement.
Condemned property is an example of involuntary property conversion and may have certain tax implications for the taxpayer. This is often referred to as “eminent domain”.
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