Bill > A2520

Introduced Session

This bill reforms current eminent domain law as it pertains to the condemnation of property for use by a profit-making entity. The bill provides that when a property interest is taken for use by a profit-making entity, the fair market value of the property interest shall recognize the intended use of the property being taken and include the revenue generation potential of the property being taken. The bill also requires the payment of compensation to property owners for damages to property adjacent and nearby the condemned property, and the payment of additional compensation for consequential damages. Additionally, the bill provides that if the compensation awarded to a property owner in an eminent domain proceeding exceeds by 10 percent or more the highest offer the condemnor made to purchase the property interest, the condemnor must reimburse the property owner for litigation costs. Finally, the bill provides that if the profit-making entity fails to comply with all of the conditions of, or reasonably related to, an authorization to exercise the power of eminent domain, all property interests taken will automatically revert to the private property owners.

Committee Categories

Erik Peterson (R)*, 

Introduced, Referred to Assembly Housing Committee (on 01/09/2024)

Official Document