As our nation collectively celebrates 242 years of freedom and independence from the British Empire, we also want to give pause and celebrate an American ideal formed in the very beginning of our great nation in the Bill of Rights.
Amendment 5: No person shall be…deprived of life, liberty, or property, without due process of law: nor shall private property be taken for public use, without just compensation.
From the beginning, our founding fathers of our country have made property rights paramount. We are all so blessed to live in a country where we have the right to purchase and own our home, and places of work. The ability to own and create wealth for one’s family via real estate cannot be overstated. How many fortunes have been made “working the land” of America. It is mind boggling to calculate. Think of every company that owns locations across the land, as well as investment firms that own billions of dollars’ worth of commercial real estate, or even small private investors with a single real estate investment, not to mention every homeowner with growing equity in their home.
The Preamble to the REALTORS Code of Ethics states: “Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and our civilization. REALTORS should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership”.
Real estate is vital to the American economy and way of life. We must all understand, celebrate, protect, and encourage private ownership rights here in America. I would also note the reasonable and fair taxing of real property is a challenge and threat in every municipality in our country.
Have a fun and safe Independence Day,