4.2.1. Market Value Definition. 

The federal definition of market value is based on Supreme Court cases that establish and explain the market value standard as the measure of just compensation.201 It applies to all types of federal acquisitions that involve payment of just compensation, whether or not condemnation may be involved.202 In most situations, the market value measure “achieves a fair ‘balance between the public’s need and the claimant’s loss.’”203 Thus, while the “Court has never attempted to prescribe a rigid rule for determining what is ‘just compensation’ under all circumstances and in all cases[,] market value has normally been accepted as a just standard.”204 These Standards follow the practical, objective, clear, and administrable rule of market value as the measure of just compensation, established by the Supreme Court nearly 140 years ago.205