1. (a) This section applies only to the following:

   1. (1) The transfer of property to a political subdivision under section 10 of this chapter.
   2. (2) The sale of property under sections 11 through 16 of this chapter.

2. (b) This section does not apply under the following circumstances:

   1. (1) The lease of property for a term of four (4) years or less.

   2. (2) If the commissioner determines that the value of the property is likely to be less than either of the following:

      1. (A) Five thousand dollars ($5,000).
      2. (B) An amount established by the department in rules adopted under IC 4-22-2 .
3. (c) The property shall be appraised by an appraiser who has the qualifications determined by the commissioner.
4. (d) The transferring agency shall pay for the cost of the appraisal.

As added by P.L.7-1993, SEC.7.