§ 8-23-7-2.5 — Appraisal of real property

Indiana § 8-23-7-2.5

• Jurisdiction: Indiana
• Art. 23: INDIANA DEPARTMENT OF
• Ch. 7: Real Property Transactions

Text

5. (a) Except as provided in subsection (b), real
property to be acquired by the department for a purpose described in
section 2 of this chapter shall be appraised before the initiation of
negotiations.
(b) An appraisal is not required if:
(1) the owner is donating the property and releases the agency
from its obligation to appraise the property; or
(2) the agency determines that an appraisal is unnecessary
because the valuation problem is uncomplicated and the
anticipated value of the proposed acquisition is estimated at less
than ten thousand dollars ($10,000) based on a review of
available data.
(c) When an appraisal is determined to be unnecessary, the agency
shall prepare a waiver valuation. A person preparing or reviewing a
waiver valuation is precluded from complying with Standard Rules 1,
2, 3, and 4 of the Uniform Standards of Professional Appraisal Practice,
as in effect in the current edition, as promulgated by the Appraisal
Standards Board of the Appraisal Foundation.
(d) A person performing a waiver valuation under subsection (c)
must have sufficient understanding of the local real estate market to be
qualified to make the waiver valuation.

Legislative History

As added by P.L.12-2022, SEC.4.