Zoning
Real estateGlossary term
Definition
Local government regulations that determine how land can be used in specific areas, such as residential, commercial, industrial, or mixed-use. Zoning laws affect property values and what you can build or operate on your land. Variances may be granted for exceptions.
Related terms
- Eminent DomainThe government's power to take private property for public use with just compensation to the owner. Used for infrastructure projects like roads, schools, and utilities. Property owners can challenge the compensation amount but rarely the taking itself.
- EasementA legal right to use another person's land for a specific purpose without owning it. Common examples include utility company access, shared driveways, and public pathways. Easements run with the land and transfer to new owners upon sale.
- Fair Market ValueThe price a property would sell for on the open market between a willing buyer and seller, both having reasonable knowledge of relevant facts. Determined by comparable sales, appraisals, and market conditions. Used for tax assessments and insurance claims.
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