§ 24-3-106. VALUE OF EASEMENTS.

(a)

Formula price. The value of the easement shall be based on a formula price unless, at the county's option, an appraisal method is used.

(b)

Easement purchase area.

(1)

The landowner shall establish the easement purchase area.

(2)

The landowner may subdivide in accordance with existing zoning regulations before easement sale, but the subdivision may affect the offer price and ranking of the property for selection.

(c)

Formula price.

(1)

The formula price shall be based on a formula that is recommended by the Agricultural Board and adopted by the Department by regulation before the annual application deadline.

(2)

The formula price shall take into account factors that include size, soil productivity, importance of the land for agriculture, and development rights.

(d)

Appraisal option. Under the appraisal method, the maximum value of the easement is determined by appraisal and is the difference between the fair market value of the land and the restricted value as determined by the appraisal of the property as though the easement conditions were already applied.

(e)

Landowner discount.

(1)

The landowner is encouraged to submit an easement offer price below the formula or appraised price.

(2)

The discount shall be considered in the ranking of the farms.

(1988 Code, § 14-459) (Bill No. 50-93, § 2, 7-10-1993; Bill No. 19-00, § 2, 7-1-2004; Bill No. 90-02, § 1, 10-25-2002; Bill No. 74-03, § 3, 7-1-2004)