(b) An appraisal is not required if:(1) the owner is donating the property and releases the agency from its obligation to appraise the property; or(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.(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.(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.As added by P.L.12-2022, 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.As added by P.L.12-2022, SEC.4.
Indiana Legal Code