Procedure for determining value of properties to be exchanged
(1) The value of the respective properties proposed to be exchanged shall be determined by the state agency, board or commission which has supervision and direction of the department or activity of the state for which such property is held or belongs, and if there be no such agency, board or commission, then by the Department of State Lands. The state agency, board or commission may use an appraised value as one indicia of the value of the property.
(2) The state agency, board or commission shall cause the property to be appraised by one or more competent and experienced appraisers. The compensation, if any, of the appraisers shall be borne equally by the respective owners of the property. In case such valuation shall not be mutually satisfactory to the respective owners the same shall not be binding upon them. [1981 c.787 §14; 1991 c.816 §20]
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