SB 22-063

Senate Bill 22-063, known as the "Property Ownership Fairness Act," allows property owners in Colorado to seek compensation from the government if new land use laws reduce their ability to use, divide, sell, or possess their property and decrease its value. The bill also stops governments from limiting residential building permits with the goal of controlling growth or development. Since it has been signed into law, property owners can now take legal action for fair compensation when faced with such restrictions.

Official Summary

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.)