Michigan Const. Article 10, § 2 provides that "[p]rivate property shall not be taken for public use without just compensation therefore being first made or secured in a manner prescribed by law." When natural market forces define the price of real estate, the concept of "just compensation" or fair payment, is easily defined: It is simply the amount of money that you can get for your property.
The Uniform Condemnation Procedures Act1 (UCPA), sets forth the procedures that must be followed to acquire property2. Although the UCPA is nominally a procedural act, certain provisions are germane to the valuation process. Under the UCPA, the date that the complaint is filed is generally the date of valuation, as well as the date that title to the property vests in the condemnor3. In other words, the real estate appraisers for both the condemning agency and the property owner, and ultimately the jury if the case is litigated, attempt to determine what the property was worth as of that
