2.__Review by departments; report.__By December 15, 2003, each department and agency of the State shall review the laws and rules it administers to identify laws and rules that result in the devaluation of property.__By January 15, 2004, each department and agency shall submit a written report to the Legislature of all the laws and rules identified that result in the devaluation of property.

3.__Notification.__By March 1, 2004, the Legislature shall notify all owners of the laws and rules that have been identified as resulting in the devaluation of property.

§848.__Application

1.__Implementation of regulation.__This Act applies to every devaluation of property that results from an implementation of a regulation that occurs on or after the effective date of this Act.

2.__Regulation in effect prior to chapter.__For purposes of determining the right to relief and the statute of limitations under this chapter, a regulation in effect on the effective date of this chapter is deemed to have been passed on the effective date of this chapter.

SUMMARY

This bill requires the State to pay a property owner when state regulations lower the owner's property value by at least 25%.

This bill also requires the Legislature and all departments and agencies to review and identify laws and rules that result in the devaluation of property. The Legislature must notify all property owners of such laws and rules.