A Condemnation Award refers to the monetary compensation or value of other property received by an entity or individual for property that has been condemned by a government authority for public use, or from the sale of property under threat of condemnation.
Just compensation refers to full indemnity for the loss or damage sustained by the owner of property taken under the power of eminent domain. The measure generally used is the fair market value of the property at the time of taking.
Public purpose refers to the justification that government must provide in its use of eminent domain to acquire private property for public use. This includes scenarios such as infrastructure projects, public safety, and community development.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.