Sec. 5. Valuation
663 words·~3 min read·
/bill/117/hr/5855/ih/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
With respect to a State land grant parcel conveyed under this Act in consideration for a parcel of Federal land selected in accordance with this Act— the overall value of the State land grant parcel and the overall value of the parcel of Federal land shall be substantially equal; or subject to subsection (c), if the overall value of the parcels is not equal, the party conveying the parcel of lesser value shall— equalize the value by the payment of funds to the other party; or enter the imbalance in value on a ledger account in accordance with subsection (e).
Except as provided in subsection (d), the Secretary shall determine the value of a State land grant parcel and a parcel of Federal land to be conveyed under this Act through an appraisal completed in accordance with— the Uniform Appraisal Standards for Federal Land Acquisitions; or subject to subsection (d)(1), the Uniform Standards for Professional Appraisal Practice. With respect to a conveyance to the Secretary or the Secretary of Agriculture of a State land grant parcel of lesser value than the parcel of Federal land to be conveyed to the State under this Act, the total value of the equalization payment described in subsection (a)(2)(A) or the ledger entry described in subsection (e), as applicable, may not exceed 25 percent of the total value of the parcel of Federal land.
The Secretary, with the consent of the State, may use mass appraisals, a summary appraisal, or a statement of value made by a qualified appraiser carried out in accordance with the Uniform Standards for Professional Appraisal Practice to determine the value of a State land grant parcel or a parcel of Federal land to be conveyed under this Act instead of an appraisal that complies with the Uniform Appraisal Standards for Federal Land Acquisitions if the State and the Secretary agree that market value of the State land grant parcel or parcel of Federal land, as applicable, is— less than $500,000; and less than $500 per acre.
A State land grant parcel or a parcel of Federal land may not be artificially divided in order to qualify for a summary appraisal, mass appraisal, or statement of value under paragraph (1). With respect to a State land grant parcel conveyed under this Act in consideration for a parcel of Federal land, if the overall value of the parcels is not equal, the Secretary and the State may agree to use a ledger account to make equal the value. A ledger account described in paragraph
(1)shall reflect imbalances in value to be reconciled in a subsequent transaction. Each ledger account described in paragraph
(1)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 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 or the State assume costs or other responsibilities under subparagraph (A), the Secretary or the State shall make adjustments to the value of the Federal land conveyed to the State to compensate the Secretary or the State, as applicable, for assuming the costs or other responsibilities. If value is attributed to any parcel of Federal land that has been selected by the 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 the Mineral Leasing Act ( 30 U.S.C. 181 et seq. ) with the State, but the adjustment shall not be considered as reflecting a property right of the State.
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