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15.15.02.00.htm 15.15.02.00. Title 15 DEPARTMENT OF AGRICULTURE Subtitle 15 MARYLAND AGRICULTURAL LAND PRESERVATION FOUNDATION Chapter 02 Formula for Determining the Agricultural Value of Land Authority: Agriculture Article, §2-511, Annotated Code of Maryland
15.15.02.01.htm 15.15.02.01. 01 Scope.. These regulations provide the formula for determining the agricultural value of land under the Maryland Agricultural Land Preservation Program.
15.15.02.02.htm 15.15.02.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Agricultural land preservation easement" or "easement" means a negative servitude in land which restricts a landowner's right to use the land for any commercial, industrial, or residential purpose except as otherwise permitted under Agriculture Article, §2-513, Annotated Code of Maryland.2) "Agricultural value" means the value of the land determined by a formula
15.15.02.03.htm 15.15.02.03. 03 Purchase of Easement.. If land has development potential for commercial, industrial, or residential use, the Department may purchase, subject to requirements of COMAR 15. 15.01, an agricultural land preservation easement from a landowner. The maximum value that the Department may pay for an easement is the asking price or the difference between the fair market value of the land and the agricultural value of the land, whichever is lower. The Foundation may not purchase
15.15.02.04.htm 15.15.02.04. 04 Fair Market Value.. The fair market value of the land on which the landowner has applied to sell an easement shall be determined by the Department of General Services based upon one or more appraisals by State appraisers and any appraisals, if any, of the landowner.
15.15.02.05.htm 15.15.02.05. 05 Explanation of Formula for Determining Agricultural Value.. A. Formula's Underlying Premise. The agricultural value of the land on which the landowner has applied to sell an easement shall be determined by the formula provided under Regulation .06. This formula, which measures the farm productivity of the applicant's land, provides a method for ascertaining the capitalized value of the sum necessary to rent the applicant's farm. (The formula's premise is t
15.15.02.06.htm 15.15.02.06. 06 Formula for Determining Agricultural Value.. To determine the agricultural value of the land on which the landowner has applied to sell an easement, complete the following five steps:A. Step 1. Using the following method, determine the soil productivity index of the parcel of land on which the applicant has applied to sell an easement. First, note how many acres of cultivatable land (Class I through VI soils) are contained in this parcel. Second, determine how many of these acre
15.15.02.07.htm 15.15.02.07. 07 Soil Productivity Index*. Soil Class. Soil Productivity Index. Class I. 1.00. Class II. 72. Class III. 50. Class IV. Class V. 18. VI. The figures in this table numerically express the soil productivity for each class of soil. Compiled by the Maryland Agricultural Statistics Services, USDA, and the Agricultural Resource Economics Department, University of Maryland, they are based on the capability each class has of producing crops under average management. Class I soils have a hig
15.15.02.08.htm 15.15.02.08. 08 Relationship Between Rent and Soil Productivity Index..
15.15.02.9999.htm 15.15.02.9999. Administrative History Effective date:. Regulations .01―08 adopted as an emergency provision effective March 4, 1991 (18:6 Md. R. 681) emergency status extended at 18:16 Md. R. 1810 (August 9, 1991)Regulation .06C amended effective September 8, 1997 (24:18 Md. R. 1297).
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