Concerning the “Property Ownership Fairness Act“.
The bill enacts the “Property Ownership Fairness Act” (act). According to the bill, a property owner can seek just compensation from a governmental entity that enacts a land use law reducing their right to use, divide, sell, or possess their property, and reducing its fair market value. In the bill, it sets out the process by which a property owner can file a claim for just compensation and sets forth exceptions where a property owner can’t file a claim. Furthermore, the bill prohibits a governmental entity from enacting a land use law limiting growth or development through a cap on residential building permits.