California Public Resources Code 10236 – If the funds are used for the acquisition of an agricultural …
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If the funds are used for the acquisition of an agricultural conservation easement or fee title pursuant to a local transfer of development rights program, upon the sale of the easement or fee title and its attendant development rights, the entity that holds the easement shall reimburse the fund by an amount equal to the fair market value of the easement, as determined by an appraisal approved by the department.
(Amended by Stats. 2022, Ch. 502, Sec. 16. (AB 2964) Effective January 1, 2023.)
Terms Used In California Public Resources Code 10236
- Appraisal: A determination of property value.
- 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.