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Establishes the Hoosier homestead program administered by the Indiana state department of agriculture to commemorate and maintain a registry of farms owned by the same family for at least 100 years. Provides that only the portion of a farm that satisfies the familial ownership and other requirements receives the Hoosier homestead designation and is subject to the provisions regarding eminent domain. Requires all property taxes to be paid up to date to be registered as a Hoosier homestead property or to renew registration as a Hoosier homestead property. Provides with certain exceptions, that if a county, city, town, or school corporation (unit) exercises eminent domain to take a fee simple interest in a Hoosier homestead, the property owner is entitled to: (1) testify at a public meeting of the condemning unit's legislative body; and (2) compensation that is the greater of: (A) 200% of the fair market value of the parcel; or (2) 200% of the value of the land and replacement cost of the improvements to the land minus depreciation. Requires the owner to also be compensated for relocation costs, other damages, and business losses resulting from the condemnation of the property.