AR SB333

Creates the Private Property Protection Act as a new subchapter of Arkansas Code, allowing property owners to claim compensation when regulatory programs reduce property fair market value by at least 10 percent.

Property owners may either require the government to condemn and compensate for the reduced value or receive direct compensation determined by a jury, with courts allocating costs among multiple governmental units if applicable.

Exempts from compensation requirements: regulatory programs that prevent public nuisances affecting health and safety, environmental regulations under state agencies, federal relocation assistance proceedings, and municipal eminent domain actions.

Allows governmental units unable to pay compensation to relax the regulatory program back to its previous version while remaining liable for court costs and actual economic losses caused during the regulation's effective period.

Declares an emergency and makes the act effective immediately upon gubernatorial approval, expiration of veto period, or veto override.