Bill > SB342

This bill establishes new compensation requirements when land protected by a conservation or open-space easement is taken through condemnation, a legal process where the government can acquire private property for public use. Specifically, if someone condemns land that has a conservation easement (a legal agreement to protect natural resources) or an open-space easement (an agreement to keep land undeveloped), they must pay additional compensation to both the Commonwealth of Virginia and the local government where the land is located. This compensation is intended to cover the value of any tax credits the landowner received under the Virginia Land Conservation Incentives Act of 1999 while the easement was in effect, and any property taxes the landowner avoided paying because the land was preserved as open space. This payment to the Commonwealth is separate from any compensation owed to the landowner or easement holder under the terms of the easement itself, and it does not negate other legal requirements related to converting or diverting open-space land. Any funds received by the Commonwealth or the locality must be used in a way that aligns with the original conservation goals of the easement, and any disagreements over this additional compensation will be handled separately from the main condemnation proceedings.