The bill amends the law regarding the reacquisition of surplus property by the State Highway Commission, specifically addressing how the market value of surplus right-of-way parcels is determined. Under the revised law, when an entire right-of-way parcel is declared surplus, it can be reacquired by refunding the original purchase price. However, if only a remnant or portion of the original acquisition is declared surplus, it may be reacquired at its market value at the time of declaration.

A significant change in the bill is the adjustment of the number of appraisers required to determine the market value. The previous requirement of three appraisers has been reduced to two appraisers who are certified or licensed under the relevant Arkansas code. This change aims to streamline the process of reacquiring surplus property while ensuring that the market value is still accurately assessed.

Statutes affected:
HB 1486: 27-67-322(c)