HB18-1349

HB18-1349 - Department Of Transportation Waiver Valuations

Passed/Signed into Law
Concerning the use of waiver valuations by the department of transportation, and, in connection therewith, extending the department's existing authority under state law to use waiver valuations when valuing property that it owns and seeks to dispose of to the maximum extent permitted by federal law and regulations and clarifying that a waiver valuation is not an appraisal and that an individual, including a licensed or certified real estate appraiser, is not an appraiser for purposes of the state laws regul

Subject to certain specified conditions, federal law and regulations authorize a state department of transportation to prepare a waiver valuation, rather than a formal appraisal, to value both real property that it seeks to acquire for a federal aid transportation project and real property that it owns and seeks to dispose of if the anticipated value of the real property is $25,000 or less. Accordingly, current state law allows the department of transportation (CDOT) to prepare a waiver valuation for real property with an anticipated value of $25,000 or less when valuing real property that it seeks to acquire. However, current state law is more restrictive than federal law and regulations with respect to property that CDOT owns and seeks to dispose of and allows CDOT to use waiver valuations to value such property only if the anticipated value of the real property is $5,000 or less.

In order to fully harmonize state law governing waiver valuations with federal law and regulations, the bill authorizes CDOT to use waiver valuations for the valuation of real property that CDOT owns and seeks to dispose of if the real property is anticipated to have a value of $25,000 or less. The bill also:

 

  • Clarifies that a waiver valuation is not an appraisal; and
  • Amends the definition of 'real estate appraiser' to clarify that an individual, including an individual who is a licensed or certified real estate appraiser, is not an appraiser for purposes of the state laws regulating appraisers when the individual performs a waiver valuation.
    (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

     

Latest update: May 24, 2018
05/24/2018 - Governor Signed
05/16/2018 - Sent to the Governor
05/16/2018 - Signed by the President of the Senate
05/16/2018 - Signed by the Speaker of the House
05/04/2018 - Senate Third Reading Passed - No Amendments
05/03/2018 - Senate Second Reading Special Order - Passed - No Amendments
05/03/2018 - Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole
05/02/2018 - Senate Committee on Finance Refer Unamended to Appropriations
05/01/2018 - Introduced In Senate - Assigned to Finance
04/25/2018 - House Third Reading Passed - No Amendments
04/24/2018 - House Second Reading Special Order - Passed - No Amendments
04/23/2018 - House Committee on Appropriations Refer Unamended to House Committee of the Whole
04/12/2018 - House Committee on Transportation & Energy Refer Unamended to Appropriations
04/02/2018 - Introduced In House - Assigned to Transportation & Energy