What is the difference between the amount of compensation I am entitled to receive and the actual amount I receive?

In Alaska, the difference between the amount of compensation a property owner may be entitled to receive and the actual amount they receive is based on the concept of Eminent Domain Law. Eminent Domain Law is a set of laws and regulations which governs how private property rights are treated in certain circumstances, when it is necessary for a government (or its authorized agents) to acquire private property for public uses. The amount of compensation for a property owner can vary based upon the value of the property that was taken, as well as other expenses associated with the taking or relocation of the property, such as moving costs and interest on the loan taken out to acquire the property. The amount of compensation offered by the government will be based on an appraisal conducted by the state of the property’s fair market value. However, the amount of compensation a property owner actually receives may be less than the amount of compensation they are entitled to receive. This is due to the fact that, in some cases, the government is not required to pay the full amount of compensation the appraised value of the property suggests is due. Thus, the difference between the amount of compensation a property owner is entitled to receive and the actual amount they receive is based upon the amount of compensation the state is willing and able to pay in the given circumstance.

Related FAQs

What is the difference between a public purpose and a public use?
What is the Condemnation Procedure?
How long does the eminent domain process take?
What is condemnation?
What is the difference between a condemnee and a condemnor?
What is an eminent domain action?
Are there any restrictions on the use of eminent domain power?
Are there any restrictions on the amount of time allotted for a taking?
How do I file an objection to an eminent domain taking?
What should I do if my property has been taken?

What is the difference between the amount of compensation I am entitled to receive and the actual amount I receive?

Related FAQs

Related Blog Posts