Just compensation refers to the fair and adequate payment or remuneration provided to individuals or entities whose property or rights are taken or affected by the government through eminent domain or other legal processes. It is a fundamental principle of law that ensures individuals receive fair market value for their property or are appropriately compensated for the loss of their rights or interests. Just compensation aims to balance the public interest in acquiring property for public use with the protection of private property rights and the interests of property owners. The determination of just compensation typically involves evaluating factors such as the property’s fair market value, its condition and potential uses, any improvements or investments made by the owner, and any economic losses or damages incurred as a result of the taking. The goal is to provide compensation that is equitable and sufficient to mitigate the loss suffered by the affected party.
- in general a fair and reasonable amount of money to be paid for work performed or to make one "whole" after loss due to damages.
- the full value to be paid for property taken by the government for public purposes guaranteed by the Fifth Amendment to the U.S. Constitution, which states: "?nor shall private property be taken for public use without just compensation." If the amount offered by the governmental agency taking the property is not considered sufficient, the property owner may demand a trial to determine just compensation.
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This glossary post was last updated: 29th March, 2024.
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