Compensation for owners of acquired property; application to residential property

Sec. 8. (a) Notwithstanding IC 32-24-1, a condemnor that acquires a parcel of real property through the exercise of eminent domain under this chapter shall compensate the owner of the parcel as follows: (1) For agricultural land: (A) either: (i) payment to the owner equal to one hundred twenty-five percent (125%) of the fair market value of the parcel as determined under IC 32-24-1; or (ii) upon the request of the owner and if the owner and condemnor both agree, transfer to the owner of an ownership interest in agricultural land that is equal in acreage to the parcel acquired through the exercise of eminent domain; (B) payment of any other damages determined under IC 32-24-1 and any loss incurred in a trade or business that is attributable to the exercise of eminent domain; and (C) payment of the owner's relocation costs, if any. (2) Subject to subsection (b), for residential property: (A) payment to the owner equal to one hundred fifty percent (150%) of the fair market value of the parcel as determined under IC 32-24-1; (B) payment of any other damages determined under IC 32-24-1 and any loss incurred in a trade or business that is attributable to the exercise of eminent domain; and (C) payment of the owner's relocation costs, if any. (3) For a parcel of real property not described in subdivision (1) or (2): (A) payment to the owner equal to one hundred percent (100%) of the fair market value of the parcel as determined under IC 32-24-1; (B) payment of any other damages determined under IC 32-24-1 and any loss incurred in a trade or business that is attributable to the exercise of eminent domain; and (C) payment of the owner's relocation costs, if any. (b) Subsection (a)(2) applies: (1) only to residential property occupied by the owner as a residence, in the case of an eminent domain proceeding: (A) initiated before July 1, 2019; and (B) with respect to which the fair market value of the parcel has been determined under IC 32-24-1 before July 1, 2019; and (2) to all residential property, regardless of whether the property is occupied by the owner as a residence, in the case of an eminent domain proceeding initiated: (A) after June 30, 2019; or (B) before July 1, 2019, and with respect to which the fair market value of the parcel has not been determined under IC 32-24-1 before July 1, 2019.