(1) In assessing the fair market value of property subject to a conservation easement under Title 57, Chapter 18, Land Conservation Easement Act, a county assessor shall consider factors relating to the property and neighboring property that affect the fair market value of the property being assessed, including: (a) value that transfers to neighboring property because of the presence of a conservation easement on the property being assessed; (b) practical and legal restrictions on the development potential of the property because of the presence of the conservation easement; (c) the absence of neighboring property similarly subject to a conservation easement to provide a basis for comparing values between properties; and (d) any other factor that causes the fair market value of the property to be affected because of the presence of a conservation easement.

(a) value that transfers to neighboring property because of the presence of a conservation easement on the property being assessed;

(b) practical and legal restrictions on the development potential of the property because of the presence of the conservation easement;

(c) the absence of neighboring property similarly subject to a conservation easement to provide a basis for comparing values between properties; and

(d) any other factor that causes the fair market value of the property to be affected because of the presence of a conservation easement.

(2) (a) In assessing the fair market value of a golf course or hunting club, a county assessor shall consider factors relating to the golf course or hunting club and neighboring property that affect the fair market value of the golf course or hunting club, including: (i) value that transfers to neighboring property because of the presence of the golf course or hunting club; (ii) practical and legal restrictions on the development potential of the golf course or hunting club; and (iii) the history of operation of the golf course or hunting club and the likelihood that the present use will continue into the future. (b) The valuation method a county assessor may use in determining the fair market value of a golf course or hunting club includes: (i) the cost approach; (ii) the income capitalization approach; and (iii) the sales comparison approach.

(a) In assessing the fair market value of a golf course or hunting club, a county assessor shall consider factors relating to the golf course or hunting club and neighboring property that affect the fair market value of the golf course or hunting club, including: (i) value that transfers to neighboring property because of the presence of the golf course or hunting club; (ii) practical and legal restrictions on the development potential of the golf course or hunting club; and (iii) the history of operation of the golf course or hunting club and the likelihood that the present use will continue into the future.

(i) value that transfers to neighboring property because of the presence of the golf course or hunting club;

(ii) practical and legal restrictions on the development potential of the golf course or hunting club; and

(iii) the history of operation of the golf course or hunting club and the likelihood that the present use will continue into the future.

(b) The valuation method a county assessor may use in determining the fair market value of a golf course or hunting club includes: (i) the cost approach; (ii) the income capitalization approach; and (iii) the sales comparison approach.

(i) the cost approach;

(ii) the income capitalization approach; and

(iii) the sales comparison approach.

(3) In assessing the fair market value of property that is a common area or facility under Title 57, Chapter 8, Condominium Ownership Act, or a common area under Title 57, Chapter 8a, Community Association Act, a county assessor shall consider factors relating to the property and neighboring property that affect the fair market value of the property being assessed, including: (a) value that transfers to neighboring property because the property is a common area or facility; (b) practical and legal restrictions on the development potential of the property because the property is a common area or facility; (c) the absence of neighboring property similarly situated as a common area or facility to provide a basis for comparing values between properties; and (d) any other factor that causes the fair market value of the property to be affected because the property is a common area or facility.

(a) value that transfers to neighboring property because the property is a common area or facility;

(b) practical and legal restrictions on the development potential of the property because the property is a common area or facility;

(c) the absence of neighboring property similarly situated as a common area or facility to provide a basis for comparing values between properties; and

(d) any other factor that causes the fair market value of the property to be affected because the property is a common area or facility.