What term describes the government's power to take private property for public use, compensating the owner fairly?

The correct term that describes the government's power to take private property for public use while compensating the owner fairly is eminent domain. This legal concept allows the government to acquire private land for public projects, such as roads, schools, or parks, ensuring that the property owners receive just compensation for their loss. This principle is rooted in the Fifth Amendment of the U.S. Constitution, which prohibits the taking of private property without just compensation.

Eminent domain serves a crucial role in facilitating the development of public infrastructure and services. It balances the needs of society for communal resources with the rights of individual property owners, ensuring that those whose property is taken are compensated adequately for their loss.

The other terms do not fit this definition. Public restrictions refer to regulations that limit land use for the community's benefit but do not involve taking property. Taxation is the government's method of raising revenue, not related directly to the taking of property. Escheat involves the transfer of property to the state when an owner dies without heirs, which is a different legal concept entirely.