This bill amends New Jersey's eminent domain laws to enhance the process of determining compensation for property taken by municipalities, counties, and authorities. It replaces the fixed interest rate of 6% per annum with a flexible rate that the court can determine based on various factors, including prevailing commercial interest rates and the prime rate. The bill also clarifies the requirements for filing a declaration of taking, which must include a description of the property, the interest being taken, and an estimated compensation amount. Upon filing, the authority is granted immediate possession of the property, provided they deposit the estimated compensation with the Clerk of the Superior Court.

Additionally, the bill updates the language used in notifications to ensure gender neutrality, replacing terms like "his" with "the person's." It outlines the procedures for notifying affected parties and specifies that if the final compensation awarded exceeds the deposit, the entitled parties can recover the difference, while any excess deposit will be returned to the authority if the award is less. The bill aims to streamline the eminent domain process, ensuring fair compensation practices and clarity in legal proceedings.

Statutes affected:
Introduced: 5:10-9, 13:8A-24, 20:3-32, 27:23-5, 40:14A-20, 40:37A-73, 40:37D-8, 40:60-25.58, 40:66A-31.4, 40:68-41, 52:18A-65, 58:22-13