Property Ownership Fairness Act

The bill enacts the "Property Ownership Fairness Act" (act). The bill entitles a property owner to seek just compensation from a governmental entity that enacts a land use law reducing the right of a property owner to use, divide, sell, or possess their property and reducing the fair market value of the property. The bill sets forth the procedure by which a property owner can demand just compensation and sets forth exceptions where a property owner is not entitled to seek just compensation for a land use law. Additionally, the bill prohibits a governmental entity from enacting a land use law that caps residential building permits issued in a single or multi-year period with the intent of limiting growth or development.(Note: This summary applies to this bill as introduced.)