Pung v. Isabella County · ¶72

To make the owner whole, “just compensation normally is to be measured by ‘the market value of the property at the time of the taking.’” United States v. 50 Acres of Land, 469 U. S. 24, 29 (1984) (quoting Olson, 292 U. S., at 255). Fair market value, a familiar legal concept, means what “a willing buyer would pay in cash to a willing seller.” Miller, 317 U. S., at 374; see also Black’s Law Dictionary 1871 (12th ed. 2024) (“The price that a seller is willing to accept and a buyer is willing to pay on the open market and in an arm’s-length transaction; the point at which supply and demand intersect”). Anything less than fair market value is ordinarily not just compensation.

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