- Alaska Statutes.
- Title 38. Public Land
- Chapter 50. Exchange of State Land
- Section 20. Value of Properties Exchanged.
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AS 38.50.020. Value of Properties Exchanged.
- (a) The land, interest in land, and other consideration which the state receives in an exchange made under this chapter
shall be equal to or exceed the appraised fair market value of the land, interest in land or property exchanged by the
state; however, the director may accept cash from, or pay cash to, any other party to an exchange in order to equalize
the value of the property or other consideration conveyed and received by the state. If the director determines that
the property to be exchanged is not equal in appraised fair market value or if the value cannot be ascertained with
reasonable certainty, the director may enter into an exchange on a finding that the appraised fair market value of the
property to be received, together with the value of other public benefits, equals or exceeds the value of the property
which the state will relinquish. An exchange or a final agreement to exchange is subject to legislative review under
if the exchange or a final agreement to exchange involves state land having an appraised or estimated fair market
value of more than $5,000,000, or is for other than equal appraised fair market value.
- (b) An appraisal required by this section is presumed accurate and valid for a period of one year from the time the
appraisal is completed. After that time, or if the director has reason to believe that the value of the appraised
property has changed significantly during the original one year period, a reappraisal of the property is required.
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