A. Order of Two Appraisals at Landowner's Expense. The landowner shall remit good funds as instructed by the Foundation within 10 days of approval to pay for the cost of two appraisals, which shall then be ordered by the Department of General Services within 20 days of the receipt of the funds. The date of valuation shall be the date that the Foundation approved the landownerís termination request. The Department of General Services shall order two appraisals of the landís fair market value and, as provided by §C(1) of this regulation, its agricultural value.
B. Determining Fair Market Value. After review of the two appraisals of the subject property, the Department of General Services shall determine the landís fair market value and promptly notify the Foundation in writing of its determination. For purposes of this regulation, the fair market value of 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 it was not subject to an agricultural land preservation easement.
C. Determining Agricultural Value.
(1) Based on the Ordered Appraisals. If, at the time the Foundation acquired the easement, the landís agricultural value was determined by an appraisal, the Department of General Services, after reviewing the two appraisals ordered for the subject land, shall determine the landís agricultural value and promptly notify the Foundation of its determination. For purposes of this regulation, the agricultural value of land, as determined by an appraisal, 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.
(2) Based on the Agricultural Formula. If, at the time the Foundation acquired the easement, the landís agricultural value was determined by the agricultural formula, the Foundation shall use the formula in effect at the time for determining the lands agricultural value.
D. The Foundation shall notify the landowner of the landís approved fair market value and agricultural value after:
(1) The Department of General Services has notified the Foundation of these approved values as provided in §§B and C(1) of this regulation; and
(2) If applicable, the Foundation determines the landís agricultural value as provided in §C(2) of this regulation.
E. Repurchase. The landowner has a maximum of up to 180 days following the notification set forth in §D of this regulation to repurchase the easement by paying to the Foundation the difference between the fair market value and the agricultural value of the subject land, subject to Board of Public Works approval, as set forth in State Finance and Procurement Article, §10-301 et seq., Annotated Code of Maryland.
F. Upon receipt of payment of all required funds as specified in §§A and E of this regulation, the Foundation shall prepare, execute, and deliver to the landowner for recording a Termination of Easement.