This bill amends existing laws related to eminent domain in New Jersey, specifically focusing on the determination of compensation and interest rates applicable to such awards. It introduces new legal language that allows the court to determine the interest rate on compensation awards based on various factors, including prevailing commercial interest rates and the prime rate, replacing the previous fixed interest rate of 6 percent. The bill also clarifies the procedures for filing declarations of taking and mandates that estimated compensation be deposited with the Clerk of the Superior Court, ensuring that the authority can take possession of the property without delay while adhering to legal notification requirements.

Additionally, the bill updates the notification process by replacing gender-specific language with more neutral terms, ensuring inclusivity in communications with affected parties. It emphasizes the importance of maintaining a trust fund for just compensation and outlines the procedures for distributing compensation amounts, including conditions for early payments. Overall, the bill aims to streamline the eminent domain process while ensuring fair compensation practices and efficient handling of property acquisitions by municipalities, counties, and authorities.

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