Bill > HB2037

This bill, known as the "Tennessee Just Compensation for Property Owners Act," requires airport authorities that use eminent domain, which is the government's power to take private property for public use, to pay property owners enhanced damages and costs when acquiring their land. Specifically, it mandates that airport authorities pay for property appraisals, with the jury determining the property's value based on an average of certified appraisals, multiplied by 150%, and ensuring these appraisals are not negatively impacted by nearby airport acquisitions. Furthermore, the bill requires airport authorities to cover relocation costs for personal property, including business inventory and fixtures, and allows property owners to seek damages for lost wages and profits if they operated a business on the property, as well as for increased interest rates on loans due to relocation. The bill also stipulates that airport authorities must pay reasonable attorneys' fees and costs if the acquisition fails and may be required to pay additional damages to ensure the property owner is made financially whole, with no final order allowing an airport authority to take possession of property being issued until all damages and costs are paid.