Md. Code Regs. 08.05.01.07

Current through Register Vol. 51, No. 12, June 14, 2024

Section 08.05.01.07 - Appraisal of Easement Values

A. The Rural Legacy Board may develop a model easement valuation methodology, which shall place value on the following characteristics of a property:

(1) Real estate development rights;

(2) Agricultural and commercial forestry qualities;

(3) Natural resource qualities; and

(4) Features unique or specific to the objectives of, and conditions within, each rural legacy area, such as:

(a) The contribution of a property to resource-based economies other than agriculture and forestry,

(b) A measure of the development pressure on a property, and

(c) The location of a property within a rural legacy area.

B. A model easement valuation methodology approved by the Rural Legacy Board shall reflect each of the attributes described in §A of this regulation based on its relative importance in the rural legacy area or to the rural legacy plan.

C. A sponsor may develop its own easement valuation methodology, which shall:

(1) Reflect the agricultural, forestry, and natural resource qualities the easement is designed to protect;

(2) Reflect the fair market values of properties in the rural legacy area; and

(3) Relate to the range of easement values paid by the Maryland Agricultural Land Preservation Foundation and other easement purchasing programs.

Md. Code Regs. 08.05.01.07

Regulations .07 adopted as an emergency provision effective August 22, 1997 (24:19 Md. R. 1334); adopted permanently effective December 29, 1997 (24:26 Md. R. 1757)