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2016 SESSION

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SB 237 Virginia Property Owners' Association Act; condemnation of common area.

Introduced by: J. Chapman Petersen | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Virginia Property Owners' Association Act; condemnation of common area; valuation. Provides that, for the purposes of condemnation, the value of a portion of a common area of a property owners' association shall be based on the common area's highest and best use as though it were free from restriction to sole use as a common area. The bill also provides that it applies solely to condemnation actions, and no common area shall be reassessed for property tax purposes due to the passage of the bill or the valuation standards described in the bill.

SUMMARY AS PASSED SENATE:

Virginia Property Owners' Association Act; condemnation of common area; valuation. Provides that, for the purposes of condemnation, the value of a portion of a common area of a property owners' association shall be based on the common area's highest and best use as though it were free from restriction to sole use as a common area.

SUMMARY AS INTRODUCED:

Virginia Property Owners' Association Act; condemnation of common area; valuation. Provides that in determining the value of an award or payment for the condemnation of any portion of the common area of a property owners' association, the fact finder must consider all relevant circumstances, including the value of those neighboring properties that hold easements.