House Bill 508 Summary

• Establishes minimum property damage valuation as the greater of the assessed value for property tax purposes or plaintiff's highest prelitigation appraisal, unless court finds property substantially altered.

• Authorizes business damage compensation for qualifying businesses with over 5 years' standing, including relocation costs, access modifications, and lost profits, but excludes temporary construction interruption damages.

• Requires property owners claiming business damages to submit written claim by certified mail within 90 days of service of summons, with claim prepared by owner, certified public accountant, or business damage expert and supported by business records.

• Adds new provision for agricultural property damages related to farming around electrical transmission line structures exceeding 230 kilovolts, including cumulative effects of multiple transmission lines in the same field.

• Declares an emergency effective on passage and approval.