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eminent domain involves compensation does theft?

You don't get it; it was never theirs to begin with. Stop paying your property taxes and find out the hard way what you own and don't own. You own something as long as they will let you, regardless of what you paid for it. If eminent domain doesn't work, they will simply condemn the property and take it. This is the exact tactic used by some Cities to build more riverfront marinas in the face of a complete ban on new marinas by the DNR, read the newspapers and/or court documents! They also condemned a Car Dealership to build headquarters for a large electronics retailer. All land was stolen! You can always pretend it didn't happen, but it won't change the facts: https://www.nytimes.com/2005/10/05/realestate/eminent-domain-revisited-a-minnesota-case.html

It wasn't stolen, it was taken. When someone steals something from you do you get a hearing?
You could try paying your taxes and then you could keep your property, usually people who can't afford their property taxes can't really afford their property. Do you often agree with the New York Times?
I am not pretending anything didn't happen. When someone steals something from you do they give you $24,000 above market value for it?
Using eminent domain for economic development reasons is controversial but legal.