Section 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.Added by P.L. 97-2022,SEC. 3, eff. 7/1/2022.