What are the different types of compensation available?

In North Carolina, there are a few different types of compensation that may be available to those whose property is taken through eminent domain law. The most common type of compensation is the fair market value of the property. This means the price that would be typically paid for the property if it were purchased on the open market. The amount of money to be paid for the property is determined by a professional appraiser who assesses the value of the land and any improvements made to it. The other type of compensation is known as improvement benefits. This type of compensation is due to the owner of the property for any improvements made to the land, such as buildings, roads, or other structures. This amount is determined by subtracting the appraised value of the property before the improvements were made to the appraised value of the property after the improvements were made. The third type of compensation available is known as relocation assistance. This is for people who own structures on the land being taken, and who need to be moved to another location as a result. This type of assistance may cover housing expenses, moving costs, and similar expenses. Finally, those who have been taken advantage of by the government may be eligible for attorney’s fees and court costs. It is important to note that these types of compensation may not be available in every case, and that the amount of compensation available may vary depending on the circumstances.

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What are the different types of compensation available?

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