7-2-2756. Sale of acquired real property. (1) Real estate may not be sold by the board of county commissioners unless the property has been appraised within 1 year immediately prior to the date of sale by three taxpayers who reside within the territory of the abandoned and abolished county and who were appointed by the judge of the district court to which the county is attached, on petition of the board of that county. Each sale of real estate must be made at public sale, and notice must be published as provided in 7-1-2121. The real estate may not be sold for a price less than 90% of the appraised value.

(2) The full purchase price of any real estate sold may not be required to be made in one payment. The purchaser may pay the price in four installments, the first of which must be not less than 25% of the purchase price, to be paid at the time of purchase, with the remainder to be paid in three equal annual installments with interest at not less than 5% a year. Whenever the purchase price of any real estate is to be paid in installments, the board shall enter into a contract with the purchaser and the contract must be recorded in the office of the county clerk. When payment in full has been made for real estate, the presiding officer of the board shall execute and deliver the proper bill of sale or deed to the purchaser or the purchaser's successor in interest.

(3) All real estate sold, with any improvements on the real estate, is subject to assessment and taxation annually to the purchaser or the purchaser's successor in interest at a value equal to the amount paid on the purchase price until the purchase price is fully paid, when the real estate must be assessed at its full cash value. Any improvements placed on any real estate after its purchase are subject to assessment and taxation at the full cash value of the improvements.