- 13 - one of 19 accredited rural appraisers (ARA's) in the State of Montana. The ARA designation is the highest professional designation offered by the American Society of Farm Managers and Rural Appraisers. Wheeler's area of expertise is the appraisal of conservation easements throughout the western United States. b. Wheeler's Methodology and Conclusion Wheeler used the "before and after" method to determine the fair market value of the MLR easement in 1993. Wheeler produced two reports containing purported comparable sales related to the fair market value of the MLR easement. The first report, produced in 1993 (the 1993 report), was Wheeler's original analysis of the easement's fair market value. The second report, produced in 1998 (the 1998 report), was referred to as a "consulting report prepared to serve as a supplement to my original appraisal." The 1993 report provides Wheeler's conclusions as to the fair market value of the MLR easement. In the report, before the MLR easement, Wheeler opined petitioner's property had a fair market value of $7,500 per acre or $2.4 million (i.e., 320 acres x $7,500).9 After the MLR easement, Wheeler concluded that 9This per-acre "before" value is different from the value stipulated by the parties. In his 1993 report, Wheeler used petitioner's 1992 cost basis as the "before" value of petitioner's property. Later, Wheeler agreed with respondent that the proper fair market value of petitioner's property in 1993 before the grant of the MLR easement was $8,200 per acre or (continued...)Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011