Ch. 64 LAWS OF MARYLAND
2-511.

(A) The maximum value of any easement to be purchased shall be the asking
price or the difference between the fair market value of the land and the agricultural
value of the land, whichever is lower.

[(1)] (B) The fair market value of the 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 the property was not subject to any
restriction imposed under this subtitle.

[(2)] (C) The agricultural value of land 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.

[(3)] (D) (1) (I) The value of the easement is determined at the time the
foundation is requested in writing to purchase the easement.

(II) The [value] FAIR MARKET VALUE shall be determined by the
[foundation] DEPARTMENT OF GENERAL SERVICES based on one or more
appraisals by the State appraisers, and appraisals, if any, of the landowner.

(III) The [value of the easement is determined by an appraisal on the]
entire contiguous acreage SHALL BE INCLUDED IN THE DETERMINATION OF
THE VALUE OF THE EASEMENT, less 1 acre per single dwelling; however, except
as provided in § 2-513(b)(2) of this subtitle, the entire contiguous acreage, including
the 1 acre per single dwelling, is subject to the easement restrictions.

(2) (I) SUBJECT TO SUBPARAGRAPH (II) OF THIS
PARAGRAPH, THE AGRICULTURAL VALUE OF LAND SHALL BE
DETERMINED BY A FORMULA APPROVED BY THE DEPARTMENT THAT
MEASURES THE FARM PRODUCTIVITY OF THE LAND ON WHICH THE
APPLICANT HAS APPLIED TO SELL AN EASEMENT BY TAKING INTO
CONSIDERATION WEIGHTED FACTORS THAT MAY INCLUDE RENTS,
LOCATION, SOIL TYPES, DEVELOPMENT PRESSURE, INTEREST RATES,
AND POTENTIAL AGRICULTURAL USE.

(II) THE AGRICULTURAL VALUE DETERMINED UNDER
SUBPARAGRAPH (I) OF THIS PARAGRAPH IS SUBJECT TO THE APPROVAL
OF THE DEPARTMENT.

[(4)] (E) (1) If the landowner and foundation do not agree on the value
of the easement as determined by [a] THE State [appraisal], either the landowner or
the foundation may request that the matter be referred to the property tax assessment
appeal board as provided under § 3-107 of the Tax - Property Article, for arbitration as
to the value of the easement.

(2) The value determined by that arbitration shall be binding upon the
owner and the foundation in a purchase of the easement made subsequent to the

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