What is the difference between just compensation and market value?

The difference between just compensation and market value in Nebraska eminent domain law has to do with how much money the government pays the property owner when they take possession of the land. Just compensation is the legal term that refers to the fair market value of the land, plus the costs of any necessary relocation expenses, such as moving and storage costs. This amount is determined by the court and is usually equal to the market value of the property as determined by an independent appraisal. Market value, on the other hand, is the amount that a willing buyer and seller would agree upon for the property, as long as neither are under any duress or pressure to sell. It’s the amount of money a homeowner would get if they sold the property to a willing buyer in the free market. In some cases, this could be higher or lower than the just compensation amount determined by the court. Therefore, it is important for those affected by eminent domain law in Nebraska to understand the difference between just compensation and market value.

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What is the difference between just compensation and market value?

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