Sec. 1. 1 MRSA c. 22 is enacted to read:

CHAPTER 22

PRIVATE PROPERTY PROTECTION ACT

§841.__Title

This chapter may be known and cited as the "Private Property Protection Act."

§842.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Implementation of a regulation.__"Implementation of a regulation" means the rendering of a final administrative decision on an application for decision under a regulation, the occurrence of the effective date of a regulation, or any other application of the regulation to real property.

2.__Preregulatory fair market value.__"Preregulatory fair market value" means the fair market value of real property on the day before a regulation caused the property value to fall by more than 50%.

3.__Regulation.__"Regulation" means any law, rule or ordinance that directly or indirectly affects the value of property, including a land use or zoning ordinance or law.

§843.__Regulatory takings

1.__Regulatory takings.__For purposes of this Act, whenever implementation of a regulation by the State or a political subdivision of the State reduces the fair market value of real property to less than 50% of its preregulatory fair market value, the property is deemed to be taken for the use of the public.

2.__Purchase or compensation required.__The owner of property deemed to be taken under subsection 1 may file a petition in Superior Court in the district in which the property is located to require the governmental unit that imposed the regulation to purchase the property at the preregulatory fair market value or to pay compensation for the reduction in value caused by the regulation.__The property owner may elect to have the issue of compensation decided by a jury.