What is the difference between just compensation and market value?

In Connecticut, the law of eminent domain allows the government to acquire private land for public use. Since the government is taking the land from its owner, the owner is entitled to compensation for the property. This compensation is either considered just compensation or market value. Just compensation is a payment that is designed to cover the costs of the owner getting a similar property elsewhere in the same market. The fair market value is calculated by taking into account the market for that particular kind of land, as well as the character of the land, its productivity, and its overall value. The property owner should receive a compensation amount that is equivalent to what the land was worth before the taking. Market value, on the other hand, is a payment that only covers the current market price of the land. This is calculated by looking at the recent sales prices of similar properties, and taking into account any changes in the local market that may have occurred since the taking. Market value does not consider the value of the land before the taking, nor does it provide compensation to the owner for his or her potential loss of use of the property. In summary, just compensation takes into account the fair market value of the land prior to the taking, and market value only accounts for the current market value of the land. In either case, the owner of the land should receive full compensation for the taking of his or her property.

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What is the difference between just compensation and market value?

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