Bill > HB3758

This bill modifies Oklahoma's laws on eminent domain, which is the government's power to take private property for public use, provided fair compensation is paid. The bill redefines "just compensation" to mean at least 150% of the property's fair market value or the amount needed to buy a "comparable replacement property" – meaning a similar property in terms of size, location, use, and improvements, within the same community or the nearest comparable one if none exists locally. It clarifies that any special benefits to the remaining property can only offset damages to that part, and only if those benefits are specific and proven. When only a portion of a property is taken, the compensation for the part taken must meet the new enhanced compensation standards. Importantly, the bill prohibits reducing property value for compensation purposes due to factors like project influence or the threat of condemnation, and it mandates using the highest fair market value if it exceeds the value determined by these new standards. Finally, these enhanced compensation rights cannot be waived by property owners, and they cannot be required to waive them as a condition for negotiations or agreements.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3758&Session=2600