(1) The director shall obtain two valuation appraisals for the Eligible Property with the same date of value.
- (a) If the difference between the two appraisal valuations is less than or equal to 10% of the higher valuation, the fair market value is the average of the two appraisal valuations.
- (b) If the difference between the two appraisal valuations is greater than 10% of the higher valuation, the director shall obtain a third appraisal having the same date of value as the initial appraisals. The fair market value of the Eligible Property is the average of the two closest appraisal valuations, provided that if the middle appraisal is the average of the highest and lowest appraisal valuations, the fair market value is the middle appraisal valuation.
- (2) Appraisals conducted under this section must comply with the Uniform Standards of Professional Appraisal Practice and be conducted by a qualified independent third-party appraiser. The director may require that appraisals comply with the Uniform Standards for Federal Land Acquisitions.
(3) A qualified appraiser under this section must:
- (a) be a state-certified general appraiser, as that term is defined in Section 61-2g-102; and
- (b) have demonstrated experience in appraising large rural properties.
KEY: administrative procedures, sales
Date of Last Change: September 15, 2025
Notice of Continuation: May 26, 2022
Authorizing, and Implemented or Interpreted Law: 53C-1-302(1)(a)(ii); 53C-2-201(1)(a); 53C-4-101(1); 53C-4-102; 53C-4-104; 53C-4-202(6); 63G-2-305; 72-5-203(1)(a)(i); 72-5-203(2)(a)