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3407
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MARVIN MANDEL, Governor
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LANDOWNER SUCH THAT THE LANDOWNER MAY NOT RECEIVE IN ANY
FISCAL YEAR AN AMOUNT EXCEEDING 29 PERCENT OF THE VALUE
OF THE EASEMENT. THE LANDOWNER SHALL RECEIVE INTEREST AT
THE RATE OF 6 PERCENT COMPOUNDED ANNUALLY FROM THE DATE
OF SETTLEMENT ON ANY PAYMENTS MADE TO HIM BY THE
FOUNDATION AFTER THE INITIAL PAYMENT AT SETTLEMENT.
(J) AT THE TIME OF SETTLEMENT OF THE PURCHASE OF
AN EASEMENT, THE LANDOWNER AND THE FOUNDATION, MAY AGREE
UPON AND ESTABLISH A SCHEDULE OF PAYMENT SUCH THAT THE
LANDOWNER MAY RECEIVE CONSIDERATION FOR THE EASEMENT IN A
LUMP SUM, OR IN INSTALLMENTS OVER A PERIOD OF UP TO, 10
YEARS FROM THE DATE OF SETTLEMENT.
(1) IF A SCHEDULE OF INSTALLMENTS IS AGREED
UPON, THE COMPTROLLER SHALL RETAIN IN THE MARYLAND
AGRICULTURAL LAND PRESERVATION FUND AN AMOUNT OF MONEY
SUFFICIENT TO PAY THE LANDOWNER ACCORDING TO THE
SCHEDULE.
(2) THE LANDOWNER SHALL RECEIVE ANNUALLY
INTEREST ON ANY UNPAID BALANCE REMAINING AFTER THE DATE
OF SETTLEMENT. SUCH INTEREST SHALL BE AT THE SAME RATE
AS ANY INTEREST EARNED ON THE FUNDS RETAINED PURSUANT TO
(1) ABOVE, LESS 1/4%.
(K) (1) ON OR BEFORE JUNE 31, THE BOARD
FOUNDATION SHALL NOTIFY ALL LANDOWNERS WHOSE APPLICATIONS
HAD BEEN REJECTED DURING THAT FISCAL YEAR. THE BOARD
SHALL SPECIFY THE REASONS FOR THAT REJECTION.
(2) A LANDOWNER WHOSE APPLICATION HAS BEEN
REJECTED FOR A REASON OTHER THAN INSUFFICIENT FOUNDATION
FUNDS MAY NOT REAPPLY TO SELL AN EASEMENT ON THE SAME
LAND ON THE SAME TERMS UNTIL TWO YEARS AFTER THE DATE OF
THE ORIGINAL APPLICATION.
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) 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) 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 BUI NOT OBLIGATED TO BUY,
WOULD PAY FOR THE PROPERTY AS A FARM UNIT, TO BE USED FOR
AGRICULTURAL PURPOSES.
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