Declares that any claim or action to redress the deprivation of a property right or privilege secured by the Constitution shall be ripe for adjudication by the district courts upon a final decision rendered by any person acting under color of any law, regulation, custom, or usage of any state or U.S. territory that causes actual and concrete injury to the party seeking redress.
(Sec. 3) Declares that any claim founded upon a property right or privilege secured by the Constitution, but allegedly infringed or taken by the United States, shall be ripe for adjudication upon a final decision rendered by the United States which causes actual and concrete injury to the party seeking redress.
(Sec. 5) Amends the Revised Statutes of the United States with respect to certain Constitutional property rights claims.
(Sec. 6) Provides for the liability of the United States for certain claims, brought under U.S. district court jurisdiction or Court of Federal Claims jurisdiction, where the claim is founded upon a property right or privilege secured by the Constitution.
Makes the United States liable for a claim where an executive agency has permitted or authorized uses of real property subject to conditions or exactions, if any such condition or exaction, whether legislative or adjudicatory in nature, including the payment of a monetary fee or a dedication of real property from the injured party, is unconstitutional.
Declares that whenever a claim against an executive agency concerns a subdivision of real property pursuant to any state or territorial law, regulation, custom, or usage, then it shall be decided with reference to each subdivided lot, regardless of ownership, if such a lot is taxed, or otherwise treated and recognized by the state or territory, as an individual property unit.
States that, if a claim alleges deprivation of substantive due process, the United States shall be judged as to whether its action is arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law.
(Sec. 7) Requires a federal agency, whenever it takes action limiting the use of private property that may be affected by the amendments made by this Act, to give notice to the owners of that property explaining their rights and the procedures for obtaining any compensation that may be due to them under such amendments.