A. The director shall justify each acquisition or disposal under this article of real property with an estimated value of more than fifty thousand dollars by at least one appraisal report that is of sufficient scope to document and justify the economic basis for the acquisition or disposal.

Terms Used In Arizona Laws 28-7096

  • Appraisal: A determination of property value.
  • Director: means the director of the department of transportation. See Arizona Laws 28-101
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

B. The director may acquire or dispose of real property valued at fifty thousand dollars or less after the value has been estimated and justified by a market analysis based on comparable sales.

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