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2007 Laws of Maryland
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Ch. 4
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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.
(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.
(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 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) (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, no later than September 30 of the year following the determination of the
value, 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 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.
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-594-
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