Section 60. Valuation of "in-kind" property for purposes of distribution

A. Valuation of "in-kind" property shall be done in those cases of distribution upon which there is not agreement among participating jurisdictions.

B. Evidence of value shall be submitted by the agency seeking possession of the property, and may be submitted by any participating agency.

C. Evidence of value may be submitted in any form, including appraisals, assessments, references to "book" value, etc., as the submitting agency deems necessary to establish the fair market value (FMV) of the property.

D. Final determination of fair market value shall be made by the Criminal Justice Services Board based upon a review of all evidence of value presented to it.

E. The cost of an appraisal will be recognized as a cost incident to the custody, preservation and management of the property, and may be reimbursed to the agency submitting the appraisal from total forfeiture funds prior to the distribution of net proceeds. If there are no proceeds to be distributed, the cost of appraisal will not be reimbursed.

Historical Notes

Derived from VR240-04-2 § 6, eff. July 29, 1992.

Statutory Authority

§§ 19.2-386.4, 19.2-386.10 and 19.2-386.14 of the Code of Virginia.