Indiana Code 9-14.1-5-3. Appraisals
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Sec. 3. The value of all:
(2) purchases of real property; and
(1) purchases of supplies, fixtures, and equipment;
Terms Used In Indiana Code 9-14.1-5-3
- Contract: A legal written agreement that becomes binding when signed.
- 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
(3) lease agreements and contracts;
shall be appraised by the Indiana department of administration or by an independent appraiser, at the discretion of the Indiana department of administration. The cost of a purchase, lease agreement, or contract may not exceed the appraised value.
[Pre-2016 Revision Citation: 9-16-2-3.]
As added by P.L.198-2016, SEC.195.