Sec. 2.5. (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.

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Terms Used In Indiana Code 8-23-7-2.5

  • Appraisal: A determination of property value.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (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.

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

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