What are the different types of compensation available?

In Maryland, there are four main types of compensation available to individuals who are affected by Eminent Domain Law. These are: 1. Just compensation: This type of compensation aims to reimburse the owner for the fair market value of the property that is taken, and is determined by a court. 2. Relocation assistance: This type of compensation is provided to cover the cost of relocation for owners who have to move due to an eminent domain seizure. 3. Impact assistance: This type of compensation is provided to individuals who are affected by the development, but who were not part of the eminent domain proceeding. Funds may be used for relocation costs, replacing lost business opportunities, and providing financial assistance for businesses. 4. Salvage payment: This type of compensation is provided to individuals who have been able to salvage something from their property, such as a building, a vehicle, or household items. The property owner is then reimbursed for the item’s fair market value. Overall, the types of compensation available in Maryland under Eminent Domain Law are designed to make sure that property owners are not negatively impacted by the seizure of their property. These forms of compensation allow the individual to be fairly compensated for their loss and are a major part of the laws that protect property owners in the state.

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What are the different types of compensation available?

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