Monetary or other payment received by a party as recompense or reparation for the taking of property under the powers of eminent domain or condemnation. From the takings clause of the Fifth Amendment to the United States Constitution, just compensation is often determined by the fair market value of a property. Other methods of determining fair compensation for property that has been taken through government proceedings include negotiation between the owner and the government or by court action.
Added: Fri Jan 06 2006
Last Modified: Wed Apr 09 2008