SB 0990 Allows a private property owner to seek compensation from the government for "regulatory taking"
Sponsor:Howard
LR Number:4392S.02I Fiscal Note:4392-02
Committee:Agriculture, Conservation, Parks & Tourism
Last Action:04/10/00 - Voted Do Pass S Agriculture, Conservation, Parks & Journal page:
Tourism Committee
Title:
Effective Date:August 28, 2000
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Current Bill Summary

SB 990 - This act establishes the right of a property owner to seek compensation from the State, City or County for a "regulatory taking". A property is subject to "regulatory taking" when a regulation imposed by the State, City or County causes a decline in the fair market value of the property by at least 20%. The property owner will be compensated for the difference in the fair market value before and after imposition of the regulation.

In the event that the property owner and the governmental entity cannot agree on the difference in value the matter may be resolved in a court of jurisdiction in the County containing the property.

The regulation may be removed if the State, City or County is unwilling or cannot pay the compensation due. The State, City or County must reimburse the property owner for economic losses sustained during the period that the regulation was in effect.
ELIZABETH BAX