What is the difference between just compensation and market value?

Just compensation and market value are two different concepts related to eminent domain law in South Carolina. Eminent domain is the power of the government to take private property for public use. Just compensation refers to the payment the government must make to the owner when they take land using the power of eminent domain. The amount paid is meant to compensate the owner for the loss of the property. In South Carolina, this amount must be equal to the fair market value of the land. The point of just compensation is to try to make the buyer “whole.” Market value refers to the fair and reasonable price for the land, as determined by an appraisal. Market value is an estimate of how much a willing buyer would pay a willing seller for the property. Factors that are considered in determining market value include the size of the land, its location, its zoning, and any improvements made to it. So, the difference between just compensation and market value is that just compensation is the amount due to the property owner for the taking of their land and market value is an estimate of the price of the land in a free market. In South Carolina, the government must pay the market value as the just compensation for the taking of land.

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What is the difference between just compensation and market value?

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