Ch. 568                                    1995 LAWS OF MARYLAND

(ii) The fair market value shall be determined by the Department of
General Services based on one or more appraisals by the State appraisers, and appraisals,
if any, of the landowner.

(iii) 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.

(E) ONCE THE DIFFERENCE BETWEEN THE FAIR MARKET VALUE AND THE
AGRICULTURAL VALUE OF THE LAND IS DETERMINED BY THE FOUNDATION AS OF
THE VALUATION DATE, THE VALUE SHALL BE FIXED FOR A PERIOD OF 2 YEARS,
UNLESS THE VALUE IS DETERMINED BY ARBITRATION AS PROVIDED IN
SUBSECTION (F) OF THIS SECTION OR UNLESS THE FOUNDATION ELECTS TO
REDETERMINE THE VALUE PRIOR TO THE EXPIRATION OF 2 YEARS.

[(e)](F) (1) If the landowner and Foundation do not agree on the value of the
easement as determined by the State, 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
arbitration for a period of [two] 2 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 § 13-532 of the Tax - General Article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October July 1, 1995.

Approved May 25, 1995.

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