Land Use & Zoning
In Virginia, 'downzoning' (reducing permitted density or intensity of use) may constitute a compensable taking if:
AIt reduces the property's market value by any amount
BIt eliminates all economically viable use of the property (regulatory taking)✓ Correct
CThe owner complains loudly to the Board of Supervisors
DThe change was not part of the Comprehensive Plan
Explanation
Under the Fifth Amendment and Lucas v. South Carolina Coastal Council, a regulation that eliminates all economically viable use of property may constitute a compensable regulatory taking requiring just compensation.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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