Amend the Act of June 22, 1948.

This bill updates part of a 1948 law by changing the wording used for appraisals. It replaces an old reference with language about using the “fair appraised value,” aiming to make clear that valuations under that law should be based on a fair appraisal of the property involved.

Key points:

• Who is affected: Federal agencies and anyone involved in property appraisals under the 1948 law.
• What changes: An outdated phrase is replaced with wording that emphasizes using the fair appraised value in appraisals.
• When: Would take effect after it becomes law.