Md. Code Regs. 08.01.09.02

Current through Register Vol. 51, No. 22, November 1, 2024

Section 08.01.09.02 - Appraisals

A. This regulation applies to all real property acquisitions made under Natural Resources Article, §1-109, Annotated Code of Maryland.

B. Before any real property is acquired from an owner, other than by gift, the Department shall obtain two independent appraisals of the property.

C. A review appraiser in the Department:

(1) Shall review the two independent appraisals for form, fact, and conclusions;

(2) May, with the approval of the Director, obtain a third independent appraisal and review it for form, fact, and conclusions; and

(3) Shall recommend to the Department a value or range of values for the real property based on the reviewed appraisals.

D. The Department shall approve a value or range of values that may be offered for the property after consideration of the review appraiser's recommendation.

E. The Department shall offer to purchase the real property from the owner at a price:

(1) Equal to the value or within the range of values that the Department approved under §D of this regulation; and

(2) Mutually acceptable to both the Department and the owner.

F. The actual consideration to be paid for any real property is subject to final approval by the Board of Public Works.

Md. Code Regs. 08.01.09.02