Cal. Code Regs. tit. 18 § 13957
In determining fair market value of open-space land qualified under Revenue and Taxation Code Section 421 (Land Conservation Act), recognition shall be given to the existence of an enforceable restriction under Revenue and Taxation Code Section 422 as one of the factors to be taken into account.
Chapter 1453, Statutes of 1970, provides a temporary statutory exception to fair market value in the case of such land, applicable where the decedent died on or after September 19, 1970 and prior to January 1, 1975, at the option of the personal representative of the estate or transferee of the land provided there are less than five sales of land qualifying as comparable. In that event any such land which is subject to inheritance tax shall be valued by the inheritance tax appraiser for inheritance tax purposes by the identical methods required by Revenue and Taxation Code Sections 423 and 423.5 when County Assessors are valuing open-space land for property tax purposes.
NOTE: Reference: Section 13957, Revenue and Taxation Code.
Cal. Code Regs. Tit. 18, § 13957