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Local & Regional News
Thu April 4, 2013
Property Proposal Fails To Get Out Of Arkansas Panel
A proposal to allow private property owners to seek compensation if their property values decline by at least 25 percent because of changes in zoning or other laws has failed to get out of an Arkansas legislative panel.
The proposal from Republican Sen. Jim Hendren of Gravette failed to get enough votes to move out of the Arkansas House Judiciary Committee on Thursday.
Some opponents of Hendren's proposal said there's no need for such legislation. Others said it would have a chilling effect on zoning.
Hendren said the proposal would help protect private property owners.
The proposal says property would be considered to have been taken for public use whenever a regulatory program from the state or local government reduces the property's fair market value by at least 25 percent.