IC 9-14.1-5-3: Appraisals

Sec. 3. The value of all:

(1) purchases of supplies, fixtures, and equipment;

(2) purchases of real property; and

(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.