Which concept refers to the government's power to take private property for public use?

The concept that refers to the government's power to take private property for public use is eminent domain. This principle allows the government to acquire private land, provided that they offer just compensation to the property owner. Eminent domain is important for enabling the government to pursue projects that benefit the public, such as highways, schools, and parks, while balancing the rights of property owners.

In contrast, private property rights refer to the legal ownership of property and the freedoms associated with it, which are not directly related to the government's ability to take that property. Real estate investment pertains to purchasing and managing property for financial gain, which doesn't involve the notion of the government taking property. Property tax assessment involves the evaluation of a property's value for tax purposes, which also does not relate to the concept of taking property for public use.