- 14 -
the 90-day period), petitioner, through its appraisal firm,
Reeder, Gilman & Associates, submitted a section 2032A valuation
report.
The report listed 10 properties in the vicinity of
decedent's ranch properties and listed the then-current rates of
rent, which ranged from $4.50 per acre to $15 per acre depending
upon the carrying capacity of the land. The report did not set
forth the specific lease rates for any comparable properties in
the 5 years preceding 1992, but stated:
Rents for the land types on the subject have been
static and current levels are representative of rents
over the last five to ten years and are considered
indicative of a five year average.
The report concluded:
Parcels 5, 6, and 9 are more arid and would
compete relatively low in the range. Parcel 7,
although the net grazing land is of good quality,
competes lower than Parcel 8 because the difficulty of
the terrain reduces the carrying capacity. * * *
Parcel 8 is good grazing and competes well above the
Nipomo parcels and the San Luis Obispo Ranch.
Petitioner's Special Use Valuation Report ultimately concluded
that rental values for the properties were: $6 per acre for
parcels 5, 6, and 9; $7 per acre for parcel 7; and $8 per acre
for parcel 8.
The report stated the following information with respect to
taxes:
The Williamson Act, which governs the taxing of
land in Ag Preserves, sets up a methodology for
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: May 25, 2011