SB367 - Private Property Protection Act

• Establishes the "Private Property Protection Act" requiring state and local governments to compensate property owners when regulatory programs reduce fair market value of real property by at least 25 percent.

• Property owners may require condemnation and jury-determined compensation from the governmental unit imposing the regulation, or accept compensation for the reduction in value caused by government action.

• Exempts regulatory programs that prevent public nuisances affecting public health and safety, unless the property owner neither contributed to the nuisance, acquired the property knowing of it, nor should have known about it based on community standards.

• Allows governmental units unable to pay compensation to relax the regulatory program back to the level in effect when the owner acquired title or the bill's effective date, whichever is later, but remain liable for reasonable litigation costs and economic losses.

• Exempts from the act laws within jurisdiction of the State Health Officer, Arkansas Pollution Control and Ecology Commission, Arkansas Department of Environmental Quality, Arkansas Livestock and Poultry Commission, and State Plant Board, as well as federal eminent domain proceedings and municipal eminent domain under applicable law.