HB 1524 Summary

• Removes the requirement that appraisers make a joint appraisal when a political subdivision sells or leases surplus real property.

• Replaces the requirement to publish an additional notice of sale with a requirement to hold a public hearing (with notice per IC 5-3-1) before selling or leasing property for less than 90% of the average of two appraisals.

• Requires a public hearing before selling property for economic development or land use planning purposes at less than the average of two appraisals.

• Applies the same public hearing requirement to lease transactions when disposing of property for less than 90% of the average appraised fair market rental value.

• Becomes effective July 1, 2011.