Land Trust properties are sold after their value is determined by an established estimate of the appraised value by the Trustees upon recommendation of the Land Commissioner or independent appraisal. It is the policy of Land Trust to sell properties for the full amount of the appraised value. The trustees of Land Trust will consider selling properties for less than the full appraised value only rarely and in exceptional circumstances.
For some owners of residential property located next to vacant lots owned by Land Trust, the statutes under which Land Trust is established permit an exception to the policy of selling property for its full appraised value. In part, that section reads:
“Section 141.750.2... the land trust may sell or convey a vacant residential tract of land containing four thousand square feet or less with an assessed value of less than two hundred fifty dollars to the owner or owners of residential property contiguous to the tract being sold for a price equal to fifty percent of the assessed value of the tract without first obtaining an appraisal of the tract.”