Relating to compensation for heritage property acquired through eminent domain.
Impact
The implications of HB 2090 primarily affect how compensation is handled in cases of eminent domain for heritage properties across the state. This added layer of protection for long-held family properties aims to acknowledge their historical significance and offer fairer compensation values that reflect not just market prices but also the emotional and community value tied to such properties. Proponents believe this change will enable families to retain their heritage while asserting their rights when facing condemnation. However, the elevated compensation requirements may pose challenges for various governmental and private entities seeking to acquire such properties for public use or development purposes.
Summary
House Bill 2090 seeks to amend the existing laws surrounding the acquisition of property through eminent domain, specifically focusing on heritage properties, which are defined as real estate that has been continuously owned by the same family for 100 years or more. The bill introduces provisions that require the compensation for such properties to be significantly higher than that which is typically offered for regular properties. Under the proposed legislation, if the entire tract of heritage property is condemned, property owners will be entitled to receive 150 percent of the local market value of the property at the time of assessment. For portions of heritage property, the assessment of damages must include the broader effects on the remaining property, establishing a new standard for compensation in these cases.
Contention
One significant point of contention surrounding HB 2090 is the potential financial burden it imposes on governmental bodies and developers involved in projects that require land acquisition. Critics argue that the bill may deter necessary expansions of infrastructure or community projects due to the higher costs associated with acquiring properties deemed as heritage. Moreover, there could be debates over what qualifies as heritage property and how to accurately assess its historical status and significance. The bill will require careful consideration of these aspects to balance the interests of property owners with the needs of public development initiatives.
Relating to the failure to disclose certain appraisal reports by an entity with eminent domain authority in connection with an offer to acquire real property.