How will you compensate farmers whose land is divided? Will they have access? Is there monetary compensation for farm land bought and the future value of crops?
The design will determine whether access could be provided to a landlocked parcel or whether the landlocked parcel should be purchased by the state. The appraisal will consider whether there is a loss in value to the two tracts that were separated. According to state and federal guidelines, property owners are only reimbursed for property purchased and damages to the resident, not potential income that could be derived from that parcel.
How is "fair market value" calculated? Are homeowners going to be compensated for only their property, or also the cost of moving and taking time off work?
All property acquired by INDOT follows the guidelines of the Uniform Act and appraisal industry requirements (Uniform Standards of Professional Appraisal Practice). Government programs designed to benefit the public as a whole often result in acquisition of private property, which prompted the passage of the Uniform Act in 1971.
“Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970” contains important protections and assistance for people affected by federally funded projects. This law ensures that people whose real property is acquired, or who move as a result of projects receiving federal funds, will be treated fairly and equitably and will receive assistance in moving from the property they occupy.
Homeowners are compensated for the cost of moving, but not for time taken off work to relocate.
How will homeowners be compensated if the State doesn't purchase their land, but property values decrease?
INDOT complies with the Uniform Act when purchasing right of way for its projects. There is no compensation unless the property is located within the right of way or reasonable access to the property cannot be maintained. Damages are paid only for a property if the proposed right of way takes a portion of the property, causing that parcel to lose value. Those property owners who did not have all or a portion of their parcels purchased will not receive compensation.
Will my property value decrease if there are vacant homes on my street?
No. Project appraisers determine the value of homes based on sales of properties similar to yours, as well as the specific attributes you discuss with her/him. By law, the appraiser must disregard the influence of the future public project on the value of the property, including the vacant homes on the street purchased as part of the project.
When will the state notify homeowners if it's taking their property?
Final decisions on land acquisition will be made during the final design period. Right of way requirements may be further revised during the design phase when more detailed engineering decisions are made.
