We will use a market analysis, appraisal, or other appropriate valuation method to determine the fair market rental before we approve a business lease of individually owned Indian land or, at the request of the tribe, for tribal land.
We will either:
Prepare, or have prepared, a market analysis, appraisal, or other appropriate valuation method; or
Use an approved market analysis, appraisal, or other appropriate valuation method from the Indian landowners or lessee.
We will use or approve use of a market analysis, appraisal, or other appropriate valuation method only if it:
Has been prepared in accordance with USPAP or a valuation method developed by the Secretary under 25 U.S.C. 2214; and
Complies with Departmental policies regarding appraisals, including third-party appraisals.
Indian landowners may use competitive bidding as a valuation method.
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