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

Just compensation and fair market value are two terms related to eminent domain law in South Carolina. Just compensation refers to the amount of money the state must pay to a property owner when it seizes their land for public use. This payment is meant to cover the cost of the property owner’s losses, including real estate value, materials, removal costs, and related expenses. Fair market value, on the other hand, is the value of a property determined by an appraisal, and is based on what a willing buyer would pay. This is different from just compensation, as it does not take into account certain financial losses the property owner might suffer from the seizure, but rather focuses on the monetary worth of the property itself. In South Carolina, a court will decide whether the compensation offered by the government is fair by determining whether it fully meets the just compensation requirements. If the government’s offer does not meet these requirements, then the court can order the government to pay the full fair market value of the property.

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

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