How is just compensation for property usually calculated in the United States?

Under the Fifth Amendment to the U.S. Constitution, the government may take private property for public use only upon the payment of just compensation.12

In the United States, just compensation is generally calculated as the fair market value of the property at the time of the taking. This valuation includes both the property's existing use and its potential "best use". The goal of this standard is to place the property owner in the same financial position they held before the taking occurred.123

However, this calculation often fails to cover the full economic loss suffered by the landowner. Specifically, just compensation typically excludes:2
* Attorney’s fees and legal expenses32
* Moving costs2
* Loss of business goodwill2

Additionally, if a landowner retains nearby property that increases in value due to the public improvement, that increase is frequently deducted from the compensation awarded. In some cases, governments use "quick-taking" statutes, which allow them to take title and possession of property after depositing security, even before the final price is judicially determined.21