§ 8-23-20-27 — Taking of outdoor advertising sign; compensation

(a) This section applies to a taking of an
outdoor advertising sign through:
(1) the power of eminent domain under IC 32-24; or
(2) a change that prohibits a conforming outdoor advertising sign
from being elevated or relocated under section 25.6 of this
chapter.
(b) As used in this section, "condemnor" means:
(1) any person authorized by Indiana law to exercise the power of
eminent domain; and
(2) an agency of the state that must provide compensation to the
owner of a conforming outdoor advertising sign under section
25.6 of this chapter.
(c) As used in this section, "outdoor advertising sign" means a sign
that is located along the interstate and primary system, as defined in 23
U.S.C. 131(t) on June 1, 1991, or any other highway where control of
outdoor advertising signs is required under 23 U.S.C. 131.
(d) A condemnor that acquires an outdoor advertising sign and its
associated rights under this section shall pay full and just compensation
to the owner of the outdoor advertising sign in an amount equal to the
fair market value of the interests associated with the outdoor
advertising sign, including, but not limited to, leasehold interests and
access rights.
(e) An appraiser shall calculate the fair market value by considering
all valuation approaches based upon the standards governing
recognized valuation approaches to fair market value.

Legislative History

As added by P.L.97-2022, SEC.3.