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NJ A2962
Bill
Status
Introduced
1/13/2026
Primary Sponsor
Erik Peterson
Click for details
AI Summary
- Requires compensation for property condemned for profit-making entity use to reflect the intended use and revenue generation potential of the property, not just current fair market value
- Mandates compensation for damages to adjacent and nearby properties, including impacts from impeded access, groundwater effects, noise, emissions, view obstruction, and loss of value due to public perception
- Requires payment of consequential damages including interference with resource extraction contracts, ongoing maintenance obligations imposed by the condemnor, and other costs proximately caused by the taking
- If court-awarded compensation exceeds the condemnor's highest offer by 10% or more, the condemnor must reimburse the property owner's litigation costs including attorney, appraiser, and engineering fees
- Property interests automatically revert to original owners if the profit-making entity fails to comply with all conditions of its eminent domain authorization
Legislative Description
Specifies just compensation when property is condemned for use by profit-making entity.
Housing
Last Action
Introduced, Referred to Assembly Housing Committee
1/13/2026
Committee Referrals
Housing1/13/2026
Full Bill Text
No bill text available