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restrictive he had seen in his more than 13 years of experience
appraising conservation easements.
Due to the absence of sales of easement encumbered property
in the immediate area to determine the after value of the
property, Wheeler examined sales data of easement-encumbered
properties in other similar locales. At the time of valuing the
easement at issue, Wheeler had tracked the sales of easement
encumbered properties in Wyoming and Montana for over 10 years
and had developed a database of 13 such sales. Wheeler analyzed
each of these sales individually to determine the values
associated with the sale, the market conditions at the time of
sale, and the easement restrictions placed on the property sold.
This information was not available through public records because
both Montana and Wyoming are nondisclosure States. Wheeler
testified that the goal in analyzing these sales was not to
derive a specific per-acre value, but rather to determine the
percentage diminution in value due to the conservation easement.
Wheeler credibly testified that the local sales suggested
losses due to the conservation easements of between 30 to 60
percent. The percentage diminutions vary directly with the scope
and amount of restrictions placed on the property; the more
severe the restrictions, the greater the percentage diminution.
Wheeler further testified that conservation easements cause
reductions in value in direct relation to the amount and type of
restrictions placed on the property. The evidence Wheeler
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