If any owner of property lying within any lines for the proposed opening and widening, or the opening and widening of any street, or between any future street line and the nearest public highway, shall claim that the adoption of any resolution or ordinance or the refusal to issue a building permit to the owner or the prohibition of building or construction by the owner shall constitute a taking of the owner’s property by the municipality, said owner, within three months after the recording in the office of the appropriate recorder of the notice provided in section 40-48-35, may file with the governing body a protest against the alleged taking of the owner’s property and a demand that the municipality adopting such resolution either vacate the same as to the property of such owner, or compensate the owner therefor, or commence the condemnation thereof within three months after the filing of the owner’s written protest and claim. If the municipality shall fail to vacate such resolution as to the property of the protesting owner, or to compensate the owner for the right to construct any building, fence, or other structure, or to commence proceedings for the condemnation thereof within three months after     the receipt of such written protest and demand, such resolution shall be vacated automatically and annulled as to the property of such protesting owner.