§ 58.1-512.1. Determination of fair market value of donation.
A. Each appraisal estimating the value of any donation upon which credits areto be based shall employ proper methodology and be appropriately supported bymarket evidence. The Department of Taxation shall establish and make publiclyavailable guidelines that incorporate, as applicable (without limitation),requirements under § 170(h) of the United States Internal Revenue Code of1986, as amended, and the Uniform Standards of Professional AppraisalPractice (USPAP). The Department shall update the guidelines as necessary asdetermined by the Tax Commissioner. Such guidelines shall be exempt from theAdministrative Process Act (§ 2.2-4000 et seq.) but the Department shallprovide for adequate public participation, including adequate notice andopportunity to provide comments on the proposed guidelines.
B. For purposes of any appraisal for a conveyance under the provisions ofthis article, the value for any structures or other improvements to landshall be determined in accordance with law. For any otherwise qualifieddonation of a less-than-fee interest under this article, however, no morethan 25% of the total credit allowed shall be for reductions in value to anystructures and other improvements to land.
C. The fair market value of any property with respect to a qualified donationshall not exceed the value for the highest and best use (i) that isconsistent with existing zoning requirements; (ii) for which the property wasadaptable and needed or likely to be needed in the reasonably near future inthe immediate area in which the property is located; (iii) that considersfactors such as, by way of illustration and not limitation, slopes, floodplains, and soil conditions of the property; and (iv) for which existingroads serving the property are sufficient to support commercial orresidential development in the event that is the highest and best useproposed for the property. Any appraisal submitted in support of anapplication for a credit under this article shall include an affidavit by theappraiser that to the best of his knowledge and belief the valuation complieswith this section and shall set forth in the affidavit or refer to thespecific portion of the appraisal setting forth the facts and basis for thisknowledge and belief.
§ 58.1-512.1. Determination of fair market value of donation.
A. Each appraisal estimating the value of any donation upon which credits areto be based shall employ proper methodology and be appropriately supported bymarket evidence. The Department of Taxation shall establish and make publiclyavailable guidelines that incorporate, as applicable (without limitation),requirements under § 170(h) of the United States Internal Revenue Code of1986, as amended, and the Uniform Standards of Professional AppraisalPractice (USPAP). The Department shall update the guidelines as necessary asdetermined by the Tax Commissioner. Such guidelines shall be exempt from theAdministrative Process Act (§ 2.2-4000 et seq.) but the Department shallprovide for adequate public participation, including adequate notice andopportunity to provide comments on the proposed guidelines.
B. For purposes of any appraisal for a conveyance under the provisions ofthis article, the value for any structures or other improvements to landshall be determined in accordance with law. For any otherwise qualifieddonation of a less-than-fee interest under this article, however, no morethan 25% of the total credit allowed shall be for reductions in value to anystructures and other improvements to land.
C. The fair market value of any property with respect to a qualified donationshall not exceed the value for the highest and best use (i) that isconsistent with existing zoning requirements; (ii) for which the property wasadaptable and needed or likely to be needed in the reasonably near future inthe immediate area in which the property is located; (iii) that considersfactors such as, by way of illustration and not limitation, slopes, floodplains, and soil conditions of the property; and (iv) for which existingroads serving the property are sufficient to support commercial orresidential development in the event that is the highest and best useproposed for the property. Any appraisal submitted in support of anapplication for a credit under this article shall include an affidavit by theappraiser that to the best of his knowledge and belief the valuation complieswith this section and shall set forth in the affidavit or refer to thespecific portion of the appraisal setting forth the facts and basis for thisknowledge and belief.
§ 58.1-512.1. Determination of fair market value of donation.
A. Each appraisal estimating the value of any donation upon which credits areto be based shall employ proper methodology and be appropriately supported bymarket evidence. The Department of Taxation shall establish and make publiclyavailable guidelines that incorporate, as applicable (without limitation),requirements under § 170(h) of the United States Internal Revenue Code of1986, as amended, and the Uniform Standards of Professional AppraisalPractice (USPAP). The Department shall update the guidelines as necessary asdetermined by the Tax Commissioner. Such guidelines shall be exempt from theAdministrative Process Act (§ 2.2-4000 et seq.) but the Department shallprovide for adequate public participation, including adequate notice andopportunity to provide comments on the proposed guidelines.
B. For purposes of any appraisal for a conveyance under the provisions ofthis article, the value for any structures or other improvements to landshall be determined in accordance with law. For any otherwise qualifieddonation of a less-than-fee interest under this article, however, no morethan 25% of the total credit allowed shall be for reductions in value to anystructures and other improvements to land.
C. The fair market value of any property with respect to a qualified donationshall not exceed the value for the highest and best use (i) that isconsistent with existing zoning requirements; (ii) for which the property wasadaptable and needed or likely to be needed in the reasonably near future inthe immediate area in which the property is located; (iii) that considersfactors such as, by way of illustration and not limitation, slopes, floodplains, and soil conditions of the property; and (iv) for which existingroads serving the property are sufficient to support commercial orresidential development in the event that is the highest and best useproposed for the property. Any appraisal submitted in support of anapplication for a credit under this article shall include an affidavit by theappraiser that to the best of his knowledge and belief the valuation complieswith this section and shall set forth in the affidavit or refer to thespecific portion of the appraisal setting forth the facts and basis for thisknowledge and belief.
