Md. Code Regs. 15.15.05.08 - Landowner Repurchase of Easement
A. Order of Two Appraisals at Landowner's
Expense. Within 10 days after both the Secretary and the State Treasurer
approve the termination request, the landowner shall remit good funds as
instructed by the Foundation to pay for the cost of two appraisals to determine
the fair market value of the easement land, which appraisals shall be ordered
by the Department of General Services. The date of valuation shall be the date
that the Foundation Board of Trustees members at large approved the landowner's
termination request. If the Department of General Services must also determine
the agricultural value of the land as provided by §C(1) of this
regulation, it shall order two appraisals of the agricultural value of the land
at the same time it orders the two appraisals to determine the fair market
value of the easement land. The landowner shall pay the costs to acquire all
such appraisals.
B. Determining
Fair Market Value. After review of the two appraisals of the subject property,
the Department of General Services shall determine the land's fair market value
and promptly notify the Foundation in writing of its determination. For
purposes of this regulation, the fair market value of land is the price as of
the valuation date for the highest and best use of the property which a vendor,
willing but not obligated to sell, would accept for the property, and which a
purchaser, willing but not obligated to buy, would pay for the property if it
were not subject to an agricultural land preservation easement.
C. Determining Agricultural Value.
(1) Based on the Ordered Appraisals. If, at
the time the Foundation acquired the easement, the land's agricultural value
was determined by an appraisal, the Department of General Services shall
determine the land's agricultural value and promptly notify the Foundation of
its determination. For purposes of this regulation, the agricultural value of
land, as determined by an appraisal, is the price as of the valuation date
which a vendor, willing but not obligated to sell, would accept for the
property, and which a purchaser, willing but not obligated to buy, would pay
for the property as a farm unit, to be used for agricultural
purposes.
(2) Based on the
Agricultural Formula. If, at the time the Foundation acquired the easement, the
land's agricultural value was determined by the agricultural formula, the
Foundation shall use the formula in effect at the time for determining the
land's agricultural value.
D. The Foundation shall notify the landowner
of the land's approved fair market value and agricultural value after:
(1) The Department of General Services has
notified the Foundation of these approved values as provided in §§B
and C(l) of this regulation; and
(2) If applicable, the Foundation determines
the land's agricultural value as provided in §C(2) of this
regulation.
E. Election
to Repurchase. As required by Agriculture Article, §
2-514(i)(4)(ii),
Annotated Code of Maryland, the landowner has no more than 30 days following
the notification set forth in §D of this regulation to elect to repurchase
the easement by paying to the Foundation the difference between the fair market
value and the agricultural value of the subject land. Such election notice must
be received by the Foundation, in writing, within 30 days following the date of
the notification set forth in §D of this regulation.
F. Repurchase. The landowner has no more than
180 days following the notification set forth in §D of this regulation to
repurchase the easement by paying to the Foundation the difference between the
fair market value and the agricultural value of the subject land, subject to
Board of Public Works approval, as set forth in State Finance and Procurement
Article, §
10-301
et seq., Annotated Code of Maryland.
G. Upon receipt of payment of all required
funds as specified in §§A and F of this regulation, the Foundation
shall prepare, execute, and deliver to the landowner for recording a
Termination of Easement.
Notes
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