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a price equal to only a portion (50 to 80 percent) of the maximum
expected fair market value of development rights. In the case of
each acquisition of development rights pursuant to the Program,
before an offer was made by Howard County, the county obtained an
appraisal of the value of the subject property both encumbered
and unencumbered by the development restriction. The price
offered by the county was always less than the reduction in fair
market value indicated by the appraisal.
Market for Development Rights
During 1990, the only purchaser of development rights to
farmland in Howard County was the county, under the Program.
Petitioners’ Charitable Contribution Deductions
With respect to petitioners’ participation in the Program,
Howard County obtained an appraisal by Edward A. Griffith of the
E.A. Griffith Real Estate Co., Towson, Maryland. Mr. Griffith is
an experienced real estate appraiser. Mr. Griffith conducted his
appraisal as of April 10, 1990, and concluded that the fair
market value of the land was $771,600, the agricultural value of
the land was $173,052, and the value of the easement was
$598,500.
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Last modified: May 25, 2011