Sec. 1. 33 MRSA c. 43 is enacted to read:

CHAPTER 43

COMPENSATION FOR PROPERTY OWNERS

§2001.__State reimbursement to property owner for reduction in

value of property

The State shall reimburse a property owner for the reduction in value of property caused by a prohibition on rebuilding a structure damaged by fire, storm or other natural catastrophe.__ As used in this section, the term "property" means all property, including, but not limited to, waterfront property on the ocean or a lake, pond or river.__Compensation paid to a property owner must be based on the difference between the assessed value before the catastrophe and an appraised value after the catastrophe.

SUMMARY

This bill requires the State to reimburse a property owner for the reduction in value of property caused by a prohibition on rebuilding a structure damaged by fire, storm or other natural catastrophe. Compensation paid to a property owner must be based on the difference between the assessed value before the catastrophe and an appraised value after the catastrophe.