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

Just compensation and fair market value are two terms used in the Texas eminent domain law when referring to the rights of a property owner. Just compensation refers to the amount of money a property owner is entitled to receive when the government seizes or uses their property for public purposes. The amount of money provided must be enough to allow the owner to purchase or acquire another piece of property that is of equal value. Fair market value, on the other hand, is the value of a property based on current market conditions and previous sales of similar properties. This value is determined using data from local market conditions, surrounding sale prices, and comparable properties. The amount of money that a property owner should receive when their property is taken through eminent domain must be equal to or greater than the fair market value. In summary, just compensation is the amount of money a property owner is entitled to receive after the government exercises its power of eminent domain, and fair market value is the value of a property based on current market conditions. The amount of money the property owner is entitled to must be greater than or equal to the fair market value of their property.

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

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