What Is Meant By “Just Compensation?
Just compensation is not a precise concept. It generally means the highest price that the property would bring if it was exposed for sale in the open market for a reasonable period of time, assuming that the buyer had knowledge of all uses and purposes to which it is adaptable. In determining value, courts consider the “highest and best use” of the property. This means that if the property would be more valuable if its use was changed, then you would be entitled to be compensated accordingly.
