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Section 6: Appraisal

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Consideration

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 the District 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. The District 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, the District will not collect a prepaid appraisal fee for deposit into a Departmental account, and therefore, a subsequent billing statement will not be required.

The District 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 Division.

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