The Fifth Amend­ment pro­hibits the tak­ing of pri­vate prop­er­ty “with­out just com­pen­sa­tion,” but the opti­mal method of deter­min­ing the pre­cise amount of mon­ey that will just­ly com­pen­sate the prop­er­ty own­er is not always clear. The gen­er­al rule has been to set com­pen­sa­tion at the fair mar­ket val­ue of the prop­er­ty at the time the gov­ern­ment takes it, with cer­tain excep­tions. In this Con­tri­bu­tion, Tim­o­thy Lyons (’21) argues that when the gov­ern­ment makes a well-pub­li­cized pre-con­dem­na­tion announce­ment, it may be appro­pri­ate to com­pen­sate the own­er based on the property’s val­ue at the time of the announce­ment rather than its val­ue at the time of the taking.