Ohio Admin. Code 901-2-13 - Recoupment of funds

(A) Upon the sale, exchange, or involuntary conversion of the protected property, a recoupment of funds, equal to the proportionate value of the easement compared to the total market value of the land when the easement was purchased shall upon receipt by the local holder, be remitted to the director for deposit in the agricultural easement purchase fund created in division (E) of section 901.21 of the Revised Code.

(B) The recoupment amount will be calculated by using the percentage of the fair market value of the land that was granted from the fund at the time the agricultural easement was acquired, and applying that percentage to the fair market value at the time the agricultural easement is extinguished. The fair market value shall be determined by a general real estate appraiser who is certified under Chapter 4763. of the Revised Code.

(C) The local holder's proportionate value contribution to the purchase shall be returned to the political subdivision or charitable organization that made the contribution.

(D) If the minimum twenty-five per cent local match for the agricultural easement value was by donation from the landowner, the proportionate value which was donated shall be retained by the landowner.

Notes

Ohio Admin. Code 901-2-13

Five Year Review (FYR) Dates: 7/11/2024 and 07/11/2029
Promulgated Under: 119.03
Statutory Authority: 901.22
Rule Amplifies: 901.21, 901.22, 901.23
Prior Effective Dates: 02/01/2002, 03/21/2016

Effective: 3/21/2016
Five Year Review (FYR) Dates: 01/05/2016 and 03/21/2021
Promulgated Under: 119.03
Statutory Authority: 901.22
Rule Amplifies: 901.21, 901.22, 901.23
Prior Effective Dates: 2/1/2002