Requirements. An individual may petition to have property in one school district annexed to another school district by an exchange of property with property in a contiguous school district. In order to be approved: 1. The petitioner must reside within the boundary of the property to be exchanged; 2. The petitioner must obtain the written approval of one qualified elector from each residence within the boundary of the property referenced in subsection 1; 3. The petitioner must obtain written authorization for the exchange of property from the owner of the property to be exchanged in the adjacent district, provided that the owner need not reside on the property to be exchanged; 4. The difference in the taxable valuation of the property involved in the exchange must be agreed upon by both affected school districts; 5. Each property involved in the exchange is contiguous with the school district to which it is being annexed; and 6. Except as otherwise provided in this section, the annexation by an exchange of property under this section is subject to, and meets, all other statutory requirements regarding annexations.
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