Indiana Code 8-23-7-13. Sale of surplus property
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Sec. 13. If the department determines that real property owned in fee simple by the department will not be needed for a purpose described in section 2 of this chapter, the commissioner may, with the approval of the budget agency, issue an order describing the surplus property and offering the surplus property for sale at or above its fair market value as determined by:
(2) agency real estate professionals, if the value of the property is less than ten thousand dollars ($10,000).
(1) appraisers of the department, if the value of the property is at least ten thousand dollars ($10,000); or
Terms Used In Indiana Code 8-23-7-13
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
The department may combine or divide parcels of surplus property to facilitate the sale of the property.
As added by P.L.18-1990, SEC.216. Amended by P.L.246-2005, SEC.86; P.L.12-2022, SEC.5.