Senate Bill 2967

AN ACT TO PROVIDE THAT THE STATE SHALL COMPENSATE A LANDOWNER WHOSE PROPERTY IS DIMINISHED IN VALUE DUE TO DEVELOPMENT ON AN ADJACENT TRACT OF LAND; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. From and after January 1, 2008, the state shall be required to compensate any landowner for any diminution in value of the landowner's property that is due to any development, whether building or operation or otherwise, located on a parcel adjacent to the landowner's property. The amount to be paid as compensation to the landowner shall be not less than the average of the calculated diminution as determined by three (3) professional property appraisers, one (1) of whom is selected by the landowner, one (1) by the state, and one (1) of whom is agreed upon by the landowner and the state. The appraisal fees shall be shared equally by the state and the landowner.

SECTION 2. This act shall take effect and be in force from and after January 1, 2008.