[Code of Federal Regulations]
[Title 43, Volume 2]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR2201.3-2]

[Page 69]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
    CHAPTER II--BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR
 
PART 2200--EXCHANGES: GENERAL PROCEDURES--Table of Contents
 
             Subpart 2201--Exchanges--Specific Requirements
 
Sec. 2201.3-2  Market value.

    (a) In estimating market value, the appraiser shall:
    (1) Determine the highest and best use of the property to be 
appraised;
    (2) Estimate the value of the lands and interests as if in private 
ownership and available for sale in the open market;
    (3) Include historic, wildlife, recreation, wilderness, scenic, 
cultural, or other resource values or amenities that are reflected in 
prices paid for similar properties in the competitive market;
    (4) Consider the contributory value of any interest in land such as 
minerals, water rights, or timber to the extent they are consistent with 
the highest and best use of the property; and
    (5) Estimate separately, if stipulated in the agreement to initiate 
in accordance with Sec. 2201.1 of this part, the value of each property 
optioned or acquired from multiple ownerships by the non-Federal party 
for purposes of exchange, pursuant to Sec. 2201.1-1 of this part. In 
this case, the appraiser shall estimate the value of the Federal and 
non-Federal properties in a similar manner.
    (b) In estimating market value, the appraiser may not independently 
add the separate values of the fractional interests to be conveyed, 
unless market evidence indicates the following:
    (1) The various interests contribute their full value (pro rata) to 
the value of the whole; and
    (2) The valuation is compatible with the highest and best use of the 
property.
    (c) In the absence of current market information reliably supporting 
value, the authorized officer may use other acceptable and commonly 
recognized methods to determine market value.