SB 1435

Abstract

Certain eminent domain powers; conservation easements; compensation to the Commonwealth and localities. Requires any person, defined in the bill, if it takes by condemnation proceedings any land or right-of-way or similar interest therein that is subject to a conservation easement, to compensate (i) the Commonwealth in an amount equal to the value of any tax credit received by the landowner under the provisions of the Virginia Land Conservation Incentives Act of 1999 during the pendency of the conservation easement and (ii) the locality in which the right-of-way is located (a) in an amount of any property tax avoided by the landowner during the pendency of the conservation easement and (b) if the right-of-way is located on property that is registered with the Virginia Landmarks Register and the National Register of Historic Places, in an amount equal to the additional value conferred upon the property during the period that property was registered.

A BILL to amend the Code of Virginia by adding in Chapter 1 of Title 25.1 a section numbered 25.1-110, relating to eminent domain powers of persons; compensation to the Commonwealth and localities.