Section 6: AppraisalAnchor: #i1002290
The consideration for a lease must be for at least the appraised fair market rental value.
The consideration should be defined as either a monthly or annual rental. An appraisal can be prepared by TxDOT in-house or by an appraiser on TxDOT’s approved list. If the appraisal is not prepared by a TxDOT approved appraiser or a TxDOT employee, the lessee must pay for the appraisal.
A proposed purchaser or lessee of surplus real property may contract directly with a TxDOT approved appraiser. TxDOT may assist the requester with selection of the appraiser and should provide the requester with instructions to the appraiser to assure a valuation work product compatible with Department requirements. In this case, TxDOT will not collect a prepaid appraisal fee for deposit into a Departmental account, and therefore, a subsequent billing statement will not be required.
The department will use the SOP “Project Release for Real Property Disposition and Leasing” to initiate the appraisal process. TxDOT is responsible for reviewing the appraisal. A completed Form ROW-L-10, Tabulation of Values - Leasing, should be included with each appraisal submission to the ROW program office in Austin.