A. As used in this section: “Fair market value” means the price that the real property would bring if it were offered for sale by one who wanted to sell, but was under no necessity, and was bought by one who wanted to buy, but was under no necessity. “Owner” means any person owning an estate or interest in buildings, structures, or other improvements on real property, which estate or interest is recorded in the official records of the circuit court where the property is located, or improvements for which a permit has been issued by the Commissioner of Highways pursuant to § 33.2-1208. “Owner” does not include trustees or beneficiaries under a deed of trust or any person owning only a security interest in the real property.
B. Notwithstanding anything to the contrary contained in this chapter or in Chapter 2 (§ 25.1-200 et seq.) of Title 25.1:
1. The Commissioner of Highways shall notify every owner, as defined in this section, of a building, structure, or other improvement if the Commissioner of Highways intends to exercise the power of eminent domain in a manner that would result in a taking of the building, structure, or other improvement.
2. The owner of any such building, structure, or other improvement may present evidence of the fair market value of such building, structure, or other improvement in the proceedings described in § 25.1-233, provided such owner has filed a petition for intervention pursuant to § 25.1-218.
3. If the owner of such building, structure, or improvement is different from the owner of the underlying land, then such owner shall not be allowed to proffer any evidence of value that the owner of the underlying land would not be permitted to proffer if the building, structure, or improvement were owned by the owner of the underlying land; and
4. The provisions of this section shall not apply to condemnation proceedings in which the petition for condemnation was filed prior to July 1, 2000.