A 439
Replaces certain fixed interest rate award in eminent domain cases with interest rate based on just compensation awards.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to change how interest is calculated in eminent domain cases in New Jersey. Currently, a fixed interest rate is applied, but this bill would replace it with an interest rate based on the ‘just compensation’ awarded to property owners. This aims to better reflect the value lost when land is taken for public use, and provides a more equitable system for compensating affected individuals. The bill also includes provisions related to trust funds and court proceedings to ensure proper handling of compensation payments.
Sponsors
Official sponsors from legislative records.
Primary sponsors
Michael Venezia
Cosponsors
Gabriel Rodriguez
Tennille McCoy
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