House Bill 5038

To (1) revise the process for taking of real property by municipalities for redevelopment and economic development by (A) excluding residential properties from takings for economic development, (B) increasing compensation to owners of property to an amount not less than one hundred fifty per cent of the property's fair market value and two hundred per cent of the property's fair market value if the property is taken by eminent domain for economic development purposes, (C) requiring two-thirds approval of the legislative body for a taking for economic development, (D) requiring any acquisition of real property by eminent domain be not more than five years after approval of a plan, (E) establishing a grant program to compensate persons for the costs of contesting an eminent domain proceeding, (F) providing a tax credit against the income tax for persons residing in distressed municipalities, (G) requiring disclosure of information on the taking of real property by eminent domain, (H) prohibiting discussion of the acquisition of real property by eminent domain at executive session meetings, and (I) establishing a Property Rights Ombudsman; and (2) authorizing municipalities to establish separate rates of taxation for real estate.

In the House of Representatives

• PD

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Feb 9 – Apr 10

1. Feb 9Introduced and sent to Planning and Development Committee
2. Feb 10Heard in Planning and Development Committee
3. Mar 17Planning and Development Committee recommended a substitute for it
4. Apr 10Sent to Judiciary Committee