Sec. 8. Valuation
513 words·~2 min read·
/bill/116/hr/244/ih/section-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The overall value of the State land grant parcels and the public land to be conveyed shall be— equal; or if the value is not equal— equalized by the payment of funds to the western State or to the Secretary as the circumstances require; or reflected on the balance of a ledger account established under subsection (c). Except as provided in subsection (b), the Secretary shall determine the value of a State land grant parcel and public land through an appraisal completed in accordance with— the Uniform Appraisal Standards for Federal Land Acquisitions; and the Uniform Standards for Professional Appraisal Practice.
For each transaction, an equalization payment described in paragraph (1)(B)(i) or a ledger entry described in paragraph (1)(B)(ii) may not exceed 25 percent of the total value of the land or interest transferred out of Federal ownership. The Secretary may, with the consent of a western State, use a summary appraisal or statement of value made by a qualified appraiser carried out in accordance with the Uniform Standards for Professional Appraisal Practice instead of an appraisal that complies with the Uniform Appraisal Standards for Federal Land Acquisitions if the western State and the Secretary agree that the market value of a State land grant parcel or a parcel of public land is— less than $500,000; and less than $500 per acre.
A State land grant parcel or a parcel of public land may not be artificially divided in order to qualify for a summary appraisal or statement of value under paragraph (1). The Secretary and any western State may agree to use a ledger account to make equal the value of land relinquished by the western State and conveyed by the United States to the western State under this Act. A ledger account described in paragraph
(1)shall reflect imbalances in value to be reconciled in a subsequent transaction. Each ledger account shall be— balanced not later than 3 years after the date on which the ledger account is established; and closed not later than 5 years after the date of the last conveyance of land under this Act. The Secretary or the western State may assume costs or other responsibilities or requirements for conveying land under this Act that ordinarily are borne by the other party. If the Secretary assumes costs or other responsibilities under paragraph (1), the Secretary shall make adjustments to the value of the public land conveyed to the western State to compensate the Secretary for assuming the costs or other responsibilities. If value is attributed to any parcel of public land that has been selected by a western State because of the presence of minerals under a lease entered into under the Mineral Leasing Act ( 30 U.S.C. 181 et seq.) that is in a producing or producible status, and the lease is to be conveyed under this Act, the value of the parcel shall be reduced by the amount that represents the likely Federal revenue sharing obligation under that Act, but the adjustment shall not be considered as reflecting a property right of the western State.
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