Senate: Higher Market Value Needed for Township Property Auctions
The state Senate OK'd a bill bumping up the minimum fair market value second-class townships' personal property needs to have if it is being sold in public auctions or disposed of.
April 27, 2017 at 07:24 PM
2 minute read
The state Senate OK'd a bill bumping up the minimum fair market value second-class townships' personal property needs to have if it is being sold in public auctions or disposed of.
As of now, the estimated fair market value of personal property owned by the township needed is $1,000, but the Senate passed an amendment raising that amount to $2,000.
If the property owned by the township has an estimated value less than $2,000 the township's board of supervisors would have to “adopt a procedure by which the property may be sold without further action by the board of supervisors.”
The state Senate OK'd a bill bumping up the minimum fair market value second-class townships' personal property needs to have if it is being sold in public auctions or disposed of.
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