Pung v. Isabella County · ¶73

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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