As used in this chapter:

(1) "Local governing body" means a municipality, county, local zoning authority, or political subdivision.

(2) "Off-premises outdoor advertising sign" means a lawfully erected, permanent sign which relates in its subject matter to products, accommodations, services, or activities sold or offered elsewhere other than upon the premises on which the sign is located. For the purposes of this chapter, the related leasehold or other property interests together with the lawfully issued permit is considered to be part of the off-premises outdoor advertising sign.

(3) "Just compensation" means the cash payment of the fair market value of the off-premises outdoor advertising sign in place immediately before its removal and without consideration of the effect of the ordinance or a diminution in value caused by the ordinance requiring its removal. The Uniform Standards of Professional Appraisal Practices (USPAP) must be used in determining the fair market value for just compensation and includes the following factors:

(a) the sale price of similar off-premises outdoor advertising signs;

(b) the physical condition of the off-premises outdoor advertising sign;

(c) the productivity of the off-premises outdoor advertising sign;

(d) the economic utility of the property on which the off-premises outdoor advertising sign is located, or the usability and adaptability for industrial, commercial, or other purpose;

(e) the value of the off-premises outdoor advertising sign permit issued by an appropriate governing body;

(f) replacement cost of the off-premises outdoor advertising sign;

(g) the age of the off-premises outdoor advertising sign;

(h) the remaining life of the off-premises outdoor advertising sign;

(i) the effect of obsolescence on the off-premises outdoor advertising sign;

(j) the listed property tax value of the off-premises outdoor advertising sign; and

(k) any other factor that may affect the value of the property on which the off-premises outdoor advertising sign is located.

(4) "Sign owner" means the owner of an off-premises outdoor advertising sign.

HISTORY: 2006 Act No. 235, Section 2, eff February 22, 2006.