Bill
Bill > SB746
VA SB746
VA SB746Property Owners' Association Act; operation and management of assoc., condemnation of common area.
summary
Introduced
01/19/2026
01/19/2026
In Committee
01/19/2026
01/19/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Regular Session
Bill Summary
Property Owners' Association Act; operation and management of association; condemnation of common area; procedure. Requires consideration of the physical characteristics of a property owners' association's common area land when determining such land's highest and best use for purposes of valuing the property for award or payment for such land in a condemnation proceeding after the common area land is taken or damaged under the power of eminent domain.
AI Summary
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, which is the government's power to take private property for public use, usually with compensation. Specifically, when such land is acquired, the compensation awarded must now consider the actual physical characteristics of the land at the time of acquisition when determining its "highest and best use," which is the most profitable or highest-value use for the property. This ensures that the association receives fair compensation that reflects the land's inherent qualities, not just its potential for other uses.
Committee Categories
Justice
Sponsors (1)
Last Action
Continued to next session in Courts of Justice (15-Y 0-N) (on 02/11/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB746 |
| Fiscal Note/Analysis - Fiscal Impact Statement from Department of Planning and Budget (SB746) | https://lis.blob.core.windows.net/files/1107572.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB746/text/SB746 |
Loading...