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

Just compensation is the amount of money that the government owes the owner when it takes their property through the use of eminent domain law. It is determined by the fair market value of the property. Just compensation plus interest is the same amount of money, but with an added amount of interest that must be paid to the owner. The interest rate is fixed and is calculated from the date that the property was taken to the date that it is paid. The purpose of just compensation is to ensure that the owner is made whole and is not put in a worse position after the property is taken. In South Carolina, this amount must include any lost profits due to the taking, any realty taxes due, and all court costs associated with the taking. It is important to note that just compensation does not include any punitive damages that might be awarded to the owner. The purpose of adding interest to just compensation is to compensate the owner for the use of their money that was taken away from them. This interest serves to compensate them for lost profits during the period from the taking of the property until the date that the just compensation is paid. Since property owners cannot use or benefit from this money while it is in the possession of the government, the interest helps to replace the capital that they have lost.

Related FAQs

What is the difference between a public use and a public welfare exception?
What is the difference between a redevelopment project and a development project?
What is a taking without compensation?
How can I challenge an eminent domain action?
Are there any defenses against an eminent domain action?
Can the government take my property?
Who has the power of eminent domain?
What is the difference between eminent domain and condemnation?
What are the consequences of an uncompensated taking?
What is the difference between a voluntary sale and a forced sale?

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

Related FAQs

Related Blog Posts