NC H551

Establishes a new process for the Department of Transportation to identify and sell unused property by classifying properties into three categories (Class A, B, and C) based on size, development potential, and location.

Class A properties are sold to the highest bidder through public sale with newspaper advertisement and online publication of property information; bidders may make contingent bids with earnest money requirements based on contingency period length.

Class B and C properties are first offered to adjacent landowners at negotiated prices (minimum 40% of appraised value); upset bids are only considered for Class B properties if the highest offer is below 80% of appraised value.

Unused property remaining unsold after one year must be sold at public auction with reserve prices (40% for Class A, 30% for Class B, none for Class C); properties that fail to auction revert to adjacent owner offers or additional auction attempts.

Requires notification to the Governor and Council of State for proposed sales of property valued at $25,000 or more, which they may disapprove within 30 days; amends existing law to eliminate the right of first refusal for former owners whose property was purchased (not condemned) by the Department.