43 CFR 44.31 – How does the Department calculate payments for acquired lands?
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The Department calculates section 6904 payments by determining 1 percent of the fair market value of the purchased land and comparing the result to the amount of real estate taxes paid on the land in the year before Federal acquisition. The payment to qualified local governments will be the lesser of the two.
Terms Used In 43 CFR 44.31
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.