TITLE 44: GOVERNMENT CONTRACTS, GRANTMAKING, PROCUREMENT AND PROPERTY MANAGEMENT
SUBTITLE D: PROPERTY MANAGEMENT
CHAPTER I: DEPARTMENT OF CENTRAL MANAGEMENT SERVICES
PART 5010 MARKING, INVENTORY, TRANSFER AND DISPOSAL OF STATE-OWNED PERSONAL PROPERTY
SECTION 5010.710 DETERMINATION OF APPRAISED VALUE


 

Section 5010.710  Determination of Appraised Value

 

a)         If the original purchase price of the equipment (excluding motor vehicles) was $10,000 or more, the appraised value for purposes of a sale to local governments in Illinois, Illinois school districts, and not-for-profit educational, charitable and public health organizations shall be determined by a qualified appraiser.  For equipment commonly available in the market place, one who deals with equipment of that kind shall be deemed to be a qualified appraiser.  For other types of equipment, the appraiser's qualification shall be evaluated in conformation with prevailing industry standards or practices.

 

b)         If the equipment had an original purchase price of less than $10,000, the appraised price for a sale to local government in Illinois, Illinois school districts, and not-for-profit educational, charitable and public health organizations shall be set at a minimum of:

 

1)         15% of the initial purchase price if the equipment is in good condition and less than five years old;

 

2)         10% of the initial purchase price if the equipment is five or more years old; or

 

3)         a realistic market price if the equipment is in less than average condition, has little value, or the original acquisition cost is unobtainable.

 

c)         For motor vehicles, the appraised value for a sale to a local government in Illinois, Illinois school districts, and not-for-profit educational, charitable and public health organizations shall be set at a minimum of:

 

1)         15% of the initial purchase price if the vehicle is in good condition and less than five years old;

 

2)         10% of the initial purchase price if the vehicle is five or more years old or not in good condition.

 

3)         Appraisal of condition will be made using standard industry practice.

 

d)         Scrap metal shall be priced at its cash market price at the time of sale.

 

(Source:  Amended at 16 Ill. Reg. 17595, effective November 9, 1992)