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petitioner's property had a fair market value of $4,125 per acre
or $1,320,000 (i.e., 320 acres x $4,125). The difference in the
before and after values of petitioner's property was attributed
to the MLR easement, giving the easement a fair market value of
$1,080,000. Therefore, Wheeler's 1993 report assigned a per-acre
value of $3,375 (i.e., $1,080,000 � 320 acres) to the MLR
easement.
Wheeler stated in his 1993 report that petitioner's property
had "excellent potential [for development] before easement and
this use is now precluded beyond the development of three
residential sites." It is noted that Wheeler made the following
statement early in his 1993 report:
In general, the value reflections suggested by sales sold
under easement are related to the most basic restrictive
elements of a Conservation Easement which deal primarily
with limits on residential development on property
subdivision. * * *
In Wheeler's 1998 report he determined that the highest and
best use of petitioner's property was as RRD property. Wheeler
also stated in his 1998 report that the "highest and best use of
the property as an unrestricted unit would be its sale and
division in various acreage parcels and as an unencumbered
investment property." Since the value of RRD property is not
predicated upon subdivision/development, Wheeler placed undue
9(...continued)
$2,624,000.
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