Requires State compensation of property owners for certain property devalued due to certain environmental laws; and requires State agencies to evaluate proposed administrative rules for potential to constitute taking of real property.

This bill would require New Jersey to compensate property owners when state environmental laws or regulations cause a 20% or greater decrease in their property's fair market value. If the value decreases by more than 50%, the state would be required to purchase the property at fair market value (at the owner's option). It defines "State action" as environmental laws, regulations, or agency decisions that limit property use, covering specific laws including wetlands protection, pinelands regulations, and coastal area controls. The bill also requires state agencies to evaluate proposed rules for potential "taking" of property before adoption. This would apply to property owners affected by these environmental regulations, not to all property owners.