What is the difference between just compensation and fair market value?

Just compensation and fair market value are both concepts related to eminent domain law in New York. In the state of New York, the power of eminent domain is granted to the state and its various subdivisions. This power allows the government to take private property for public use with just compensation provided to the landowner, which is intended to provide the landowner with economic protection. Just compensation is the amount of money offered to the landowner when the government takes their property through eminent domain. It is intended to compensate them for their losses and make them whole. Generally, it is the fair market value of the property taken. Fair market value, on the other hand, is the value of a property in the open market. It is what a willing seller and buyer would agree to in a sale on the open market. This is usually the same as just compensation. However, if a landowner can make a case that the property holds special value to them, then the court may award a higher amount for just compensation than the fair market value. In summary, just compensation and fair market value are both related to eminent domain law in New York. Just compensation is the amount of money offered to the landowner when the government takes their property through eminent domain. It is usually the same as the fair market value of the property which is the value of a property in the open market. However, if a landowner can make a case that the property holds special value to them, then the court may award a higher amount for just compensation than the fair market value.

Related FAQs

What should I do if my property has been taken?
What is eminent domain?
What is the difference between a public use and a public interest?
How can I challenge the public use of the property taken through eminent domain?
What is a declaration of taking?
Does eminent domain apply to renewable energy projects?
What are the limits of eminent domain power?
What is the process for determining the public use of my property?
What is the difference between market value and fair market value?
Can I prevent my property from being taken?

What is the difference between just compensation and fair market value?

Related FAQs

Related Blog Posts