HB1486
To Amend The Law Concerning The Market Value Of Certain Surplus Property Acquired By The State Highway Commission.
AI-Generated Summary
This bill proposes to amend Arkansas Code § 27-67-322(c) concerning surplus property acquired by the State Highway Commission. Specifically, it alters the process for determining the market value of remnant or partial rights-of-way declared surplus. Under the current law, the market value of such property is determined by three certified or licensed appraisers. This bill seeks to reduce the number of appraisers required to determine the market value from three to two. The stated purpose of the act is to amend the law concerning the market value of certain surplus property acquired by the State Highway Commission. The core change is a reduction in the number of required appraisers for determining the market value of surplus remnant parcels.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill would likely be the State Highway Commission and potentially former landowners or adjacent property owners seeking to reacquire surplus property. By reducing the number of required appraisers from three to two, the bill could lead to a decrease in appraisal costs and potentially a faster process for determining the market value of surplus property. This could result in quicker transactions and lower administrative expenses for the State Highway Commission in managing and disposing of surplus land.
Who Might Suffer?
The groups most directly negatively impacted by this bill would be the professional appraisers in Arkansas. By reducing the required number of appraisers from three to two for determining the market value of surplus property, the bill could potentially decrease the number of appraisal assignments available to licensed and certified appraisers. This could lead to a reduction in potential income or work opportunities for appraisers in situations where the State Highway Commission declares remnant or partial rights-of-way as surplus.