What is the difference between just compensation and just compensation plus interest?

Just compensation is the fair market value of the property taken by the government through the use of eminent domain for a public purpose. This is the amount that is due to the property owner for the taking of their property. Just compensation plus interest is the amount of just compensation plus interest on that compensation from the date of the taking to the date of payment. This helps to ensure that the property owner is not financially penalized for the time in which the government has taken their property. In New York, the court determines the amount of just compensation, but the amount of interest is based on state law. Generally, the amount of interest is determined by the amount of time that the government has had control of the property. For example, if the government has had possession of the property for more than three years, the interest rate is 6%. This rate is set by the state legislature and is adjusted periodically. Just compensation and just compensation plus interest are two distinct legal concepts. Just compensation is the fair market value of the property taken, while just compensation plus interest is the amount of just compensation plus interest from the date of the taking to the date of the payment. This ensures that the property owner is not financially penalized for the amount of time the government has taken their property.

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What is the difference between just compensation and just compensation plus interest?

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