In real estate, the term 'OFFSET' can refer to various contexts, including a reduction or counterbalance in value resulting from condemnation. It's often intertwined with terms like 'SETOFF' or 'SPECIAL BENEFITS,' relevant to compensation in property takings.
Setoff refers to special benefits arising from a condemnation that offset any damages that may have occurred to the property owner, balancing the advantages gained against the losses suffered.
Special Benefits are those affecting the untaken portion of property in a partial condemnation, benefiting the owner disproportionately compared to the general area. The value of special benefits may reduce a condemnation award.
