Indiana Code 4-20.5-7-9. Appraisal
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Sec. 9. (a) This section applies only to the following:
(2) The sale of property under sections 11 through 16 of this chapter.
(1) The transfer of property to a political subdivision under section 10 of this chapter.
Terms Used In Indiana Code 4-20.5-7-9
- Appraisal: A determination of property value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(b) This section does not apply under the following circumstances:
(1) The lease of property for a term of four (4) years or less.
(2) If the commissioner or agency real estate professional determines that the value of the property is likely to be less than either of the following:
(A) Ten thousand dollars ($10,000).
(B) An amount established by the department in rules adopted under IC 4-22-2.
(c) The property shall be appraised by an appraiser who has the qualifications determined by the commissioner.
(d) The transferring agency shall pay for the cost of the appraisal.
As added by P.L.7-1993, SEC.7. Amended by P.L.12-2022, SEC.1.