An application for clean Ohio funding
must adhere to the commission's standards and procedures for appraisal
reporting. An application for funding or an application to exchange real
property previously protected by clean Ohio deed restrictions for real property
not so restricted, submitted to the natural resource assistance council (NRAC)
shall include an independent real estate appraisal prepared by an Ohio licensed
real estate appraiser, who is also a prequalified consultant for the Ohio
department of transportation. The appraisal report, a restricted appraisal
report, or an appraisal review shall set forth the value of the real estate
interest to be acquired and if applicable, the value of the real estate
interest to be exchanged.
(A)
The value of timber (the "timber value") may be used as
local match on a property acquired as a bargain sale. A qualified independent
forester or timber appraiser may perform a timber appraisal of the real
property to be acquired to determine the timber value in accordance with
normally accepted valuation criteria. The value of timber generally considers
the volume of timber on the property, the species, composition, the quality,
and other related factors to determine the current timber value.
If timber value is to be used as local match,
it is the applicant's responsibility to provide the timber value to the
appraiser. The appraiser shall use the timber value in accordance with normally
accepted appraising standards in determining the value of the real property
being appraised.
(B)
Each NRAC shall
specify in their guidance to applicants whether they will accept a restricted
appraisal report instead of an appraisal report with the application for
funding. If an application for funding is to be funded and the application was
supported by a restricted appraisal report, the restricted appraisal report
must be converted to an appraisal report as part of the request to proceed
submittal to the commission supporting the value of the real estate interest to
be acquired.
(C)
The applicant's costs for obtaining an appraisal
report, a restricted appraisal report, an appraisal review, or a timber
appraisal are an eligible cost and reimbursable in accordance with the project
agreement's participation ratio.
(D)
The appraiser who
submits an appraisal report, a restricted appraisal report, or an appraisal
review must provide written certification that they have received and have read
this rule and include the certification in the appraisal's letter of
transmittal. The commission will not approve the request to proceed without
this written certification.
If the real
property interest to be acquired is a conservation easement, the appraiser may
be a member of the appraisal institute who has successfully passed the
valuation of conservation easements professional development program.
The commission may approve projects
where the purchase price of the real estate interest to be acquired exceeds the
appraised value by up to five per cent is validated and approved by the NRAC. A
real estate interest to be acquired with a purchase price more than five per
cent of its appraised value must be funded by the applicant with funds other
than clean Ohio funds.
Notes
Ohio Admin. Code 164-2-03
Effective:
2/15/2024
Five Year Review (FYR) Dates:
02/15/2029
Promulgated
Under: 119.03
Statutory Authority: 119, 164.05,
164.26.
Rule Amplifies: 164.05
