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Trends of Just Compensation in America

  • Public Land Law Review
  • Abbr : KPLLR
  • 2016, 73(1), pp.29-54
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law

Dongsoo Lee 1

1대구가톨릭대학교

Accredited

ABSTRACT

In determining the amount of compensation that is just, courts have established the market value of the taken property as the central guide. In fact, the market value of the taken property must be used as the measure of just compensation unless it cannot reasonably be determined or when application of the market value standard would be unjust. Market value employ three principal valuation techniques to establish the price that a willing buyer would be willing to pay for the property. First, the price at which comparable properties have been sold(comparable sales approach). Second, the value of property based on the discounted present value of the property's projected net income(capitalization approach). Third, the cost to reproduce or replace the taken property in today's markrt, unless depreciation(reproduction cost approach) But, issues surrounding compensation for losses suffered(who_gets_what when government acquiress piece of land)are typically the most complex and controversial aspects of compulsory acquisition. A long-standing principle in many jurisdictions is that compensation should be guided by the objectives of "equity" and "equivalence"-that is, the adequacy of compensation should be measured against the goal of ensuring that people are neither impoverished nor enriched. Currently, many property owners and environmentalists are locked in a controversy about the need for compensation when environmental regulations limit property uses. Essentially this disagreement results from divergent concept of the nature of private property rights.

Citation status

* References for papers published after 2022 are currently being built.