Bill > HB1196

This bill amends the Property Owners' Association Act to clarify how common area land owned by a property owners' association is valued when it is taken or damaged through eminent domain, a legal process where the government can take private property for public use. Specifically, when a portion of the common area, which are shared spaces like parks or pools for residents, is acquired by the government, the compensation awarded must now consider the actual physical characteristics of that land at the time of acquisition when determining its "highest and best use" for valuation purposes. This means the land's value will be assessed based on its current physical state, not just its potential for other uses, ensuring a fairer compensation for the association.

Business and Industry, Justice

https://lis.virginia.gov/bill-details/20261/HB1196