Charles H. Browning, Jr., and Patricia L. Browning - Page 12

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          Mr. Lipman recognizes that Howard County landowners may accept a            
          price from the county below the before and after differential in            
          value of their land.  He concludes:                                         
                    Accordingly, while the Montgomery County sales of                 
               TDR’s adequately represent the totality of monetary                    
               award and therefore are dependable vis-a-vis the direct                
               comparison approach, development rights sales in Howard                
               County do not reflect those characteristics.                           
               Therefore, the Howard County sales themselves do not                   
               constitute full consideration and we cannot use them                   
               from a direct comparison perspective.  * * *                           
          Mr. Lipman considers data from Montgomery County sales of TDRs              
          that “would suggest development rights values for property in               
          Howard County by direct comparison in the range of $6,000 to                
          $6,500”.  Nevertheless, he concludes:  “After considering this              
          data, we believe that the before and after approach to value is a           
          more accurate measure of the subject’s development rights.”                 
          During his oral testimony, Mr. Lipman agreed that data from                 
          Montgomery County sales of TDRs is irrelevant to determining the            
          fair market value of the easement.                                          
               Based on his assumptions as to highest and best use,                   
          Mr. Lipman reached the conclusion that the fair market value of             
          the easement on December 1, 1990, was $367,000.  Mr. Lipman                 
          provided the following table to illustrate his calculations (the            
          entries for improvements reflect a dwelling on the land):                   

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