This bill amends existing laws related to eminent domain, specifically focusing on the determination of compensation and the interest rates applicable to such awards. It replaces the fixed interest rate of 6% per annum with a variable rate that the court will determine based on factors such as prevailing commercial interest rates and the prime rate. The bill also clarifies the procedures for authorities exercising eminent domain, including the requirement to file a declaration of taking and deposit estimated compensation with the Clerk of the Superior Court. Importantly, it stipulates that once possession of the property is taken, the authority cannot abandon the condemnation proceedings.

Additionally, the bill updates the notification process for parties involved in condemnation proceedings, ensuring that notices are served to individuals both in and out of state. It replaces gender-specific terms with more inclusive language throughout the text, enhancing clarity and fairness. The bill also outlines the handling of excess deposits and deficiencies in compensation amounts, reinforcing the commitment to fair compensation for property owners while streamlining the overall eminent domain process.

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