Bill > SB452

This bill proposes several key changes to New Mexico's eminent domain laws: 1. It defines "public use" for eminent domain purposes, explicitly excluding the public benefits of economic development, such as increased tax revenue or employment, as a valid justification for eminent domain. 2. It requires that just compensation for property taken through eminent domain be at least equal to the original purchase price paid by the property owner, or the current appraised market value, whichever is greater. 3. It entitles property owners to just compensation if a new land use law enacted after they acquired the property reduces the fair market value of their property, with certain exemptions for laws addressing public health and safety, nuisances, federal requirements, and other limited circumstances. Property owners can file suit if the state or local government does not provide compensation within 90 days of a written demand. The bill aims to provide greater protections for private property rights by limiting the use of eminent domain for economic development purposes and ensuring fair compensation for property owners affected by new land use regulations.

Transportation and Infrastructure

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=452&year=17