HARRY HUGHES, Governor

1133

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 but not obligated to buy, would pay for the property as a
farm unit, to be used for agricultural purposes.

(3)  The value of the easement is determined at the
time the foundation is requested in writing to purchase the
easement. The value shall be determined by the foundation based
on one or more appraisals by the State appraisers, and
appraisals, if any, of the landowner. The value of the easement
is determined by an appraisal on the entire contiguous acreage,
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.

(4)  If the landowner and foundation do not. agree on
the value of the easement as determined by a State appraisal,
either the landowner or the foundation may request that the
matter be referred to the county board of review as established
under Article 81, § 248, for arbitration as to the value of the
easement. 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 arbitration for a period of two
years, unless the landowner and the foundation agree upon a
lesser value or the landowner OR THE FOUNDATION appeals the
results of the arbitration to the Maryland Tax Court, and EITHER
PARTY may further appeal from the Tax Court as provided in
Article 81, § 229(1) of the Code.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved April 9, 1985.