{"data":{"id":"us-in/ic-8-23-7-2.5","jurisdiction":"us-in","citation":"IC 8-23-7-2.5","heading":"Appraisal of real property","body":"Sec. 2.5. (a) Except as provided in subsection (b), real property to be acquired by the department for a purpose described in section 2 of this chapter shall be appraised before the initiation of negotiations.\n(b) An appraisal is not required if:\n(1) the owner is donating the property and releases the agency from its obligation to appraise the property; or\n(2) the agency determines that an appraisal is unnecessary because the valuation problem is uncomplicated and the anticipated value of the proposed acquisition is estimated at less than ten thousand dollars ($10,000) based on a review of available data.\n(c) When an appraisal is determined to be unnecessary, the agency shall prepare a waiver valuation. A person preparing or reviewing a waiver valuation is precluded from complying with Standard Rules 1, 2, 3, and 4 of the Uniform Standards of Professional Appraisal Practice, as in effect in the current edition, as promulgated by the Appraisal Standards Board of the Appraisal Foundation.\n(d) A person performing a waiver valuation under subsection (c) must have sufficient understanding of the local real estate market to be qualified to make the waiver valuation.","path":["TITLE 8. UTILITIES AND TRANSPORTATION","ARTICLE 23. INDIANA DEPARTMENT OF TRANSPORTATION","Chapter 7. Real Property Transactions"],"source_url":"https://iga.in.gov/ic/2026/Title_8.html#8-23-7-2.5","current_through":"2026","vintage":"2026","retrieved_at":"2026-10-04T20:08:46Z","sha256":"af7175bbe2ad6d6b14e7c83ca934cf689f30eb780e8c8df0ff2c0cd9bd510688","source_id":"us-in","stale":false,"prev":"us-in/ic-8-23-7-2","next":"us-in/ic-8-23-7-3"},"notice":"GroundRules: Original legal text. Not legal advice."}