4.2. Market Value Standard.Under established law, the measure of just compensation is the market value of the property acquired. As stated by the United States Supreme Court, just compensation “means in most cases the fair market value of the property on the date it is appropriated. Under this standard, the owner is entitled to receive what a willing buyer would pay in cash to a willing seller at the time of the taking.”199 The Supreme Court has often repeated this “clear and administrable rule for just compensation: ‘The court has repeatedly

held that just compensation normally is to be measured by “the market value of the property taken at the time of the taking.”’”200 As a result, these Standards require use of the following definition of market value in the appraisal of property for federal acquisitions: