What is the difference between just compensation and market value?

Just compensation and market value are two terms related to eminent domain law in North Carolina. Under eminent domain law, the government can acquire private property for public use without the consent of the property owner. When this happens, the property owner is entitled to just compensation for their property. Market value is the amount of money that the property would have been worth on the open market. This is based on factors such as location, condition, and demand. Just compensation is the legal right of the property owner to receive compensation for the loss of their property. This is generally more than the market value and includes costs like relocation and certain economic losses. In North Carolina, the law states that the property owner is entitled to just compensation for the taking of their property. The amount of just compensation must be determined by a jury according to the rules of evidence. The amount of just compensation can be more or less than the market value, depending on the unique aspects of the case. Therefore, the difference between just compensation and market value is that just compensation must be determined by a jury and must cover more than just the market value of the property.

Related FAQs

What is the difference between eminent domain and inverse condemnation?
How does the valuation process work?
Are there any restrictions on the amount of time allotted for a taking?
Is eminent domain constitutional?
What is an eminent domain action?
What are the rights of the property owner during an eminent domain proceeding?
What is the difference between market value and fair market value?
What is the difference between eminent domain and condemnation?
Are there any restrictions on the type of property subject to eminent domain?
Can I challenge the public use of eminent domain?

What is the difference between just compensation and market value?

Related FAQs

Related Blog Posts