Boards of appraisers — Determination of fair market value and fair market rental

  1. Law
  2. Arkansas Code
  3. Education
  4. Postsecondary and Higher Education Generally
  5. Property and Finances of State Institutions
  6. Transfer or Lease of Property
  7. Boards of appraisers — Determination of fair market value and fair market rental

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  1. (a) The fair market value and fair market rental of the property shall be determined by a board of qualified professional appraisers, consisting of one (1) appraiser appointed by the board, one (1) appraiser appointed by the owner, and one (1) appraiser appointed by the Governor.

  2. (b) In determining fair market rental, the board of appraisers shall give consideration to any improvements or additions to the property which the owner is obligated to make.

  3. (c)

    1. (1) If any two (2) of the appraisers agree on the fair market value or the fair market rental, this appraisal shall be taken as conclusive.

    2. (2) If two (2) of the appraisers are unable to agree on either the fair market value or the fair market rental, the fair market value or fair market rental shall be determined by adding the fair market value or the fair market rental as determined by each of the three (3) appraisers and dividing the total by three (3).

  4. (d) Each member of the board of appraisers shall, before entering upon his or her duties, make and subscribe, in duplicate, an affidavit that he or she is not in any manner interested either directly or indirectly in either the transfer of or lease agreement concerning said property and that he or she will well and truly, according to the best of his or her ability, appraise the fair market value or the fair market rental of the property in accordance with the provisions of his or her appointment.

  5. (e) Copies of each instrument appointing an appraiser, copies of each affidavit of an appraiser, and copies of each appraisal made shall be filed with the board and with the owner.

  6. (f) Each appraiser shall be entitled to reasonable compensation for his or her services and to reimbursement of his or her reasonable and necessary expenses incurred in connection with his or her services.

  7. (g)

    1. (1) The board shall have the responsibility of paying the appraiser appointed by it.

    2. (2) The owner shall have the responsibility of paying the appraiser appointed by it.

    3. (3) The charges of the appraiser appointed by the Governor shall be shared equally by the board and the owner.


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