Section 322.1007. Conveyance of real estate rights; determination of fair, cash market value.

(1) The consideration  to   be  paid  to  the   state  for  each bottomland parcel to be conveyed shall be determined by the department, but at no time shall the consideration be less than $50.00.

(2)    The consideration to be paid as fair cash market value for a deed to filled unpatented bottomlands shall be determined as follows:

(a)   Fills placed before the effective date of the act or before state permit authority, except those processed in   accordance   with   subdivision (d) of this subrule, shall be

charged 30% of the filled bottomland or full market value of the unfilled bottomlands, whichever is greater, giving due consideration to riparian rights.

(b)   Fills placed after proper permits were obtained shall be charged a minimum of 30% of the value of the filled bottomland or full market value of the  unfilled bottomlands,   whichever   is   greater,    giving  due consideration to riparian rights.

(c)  Fills placed in violation of the permitting authority of the act, if conveyed, shall be charged a minimum 100% of the value of  the  filled bottomlands based on their highest and best use. Due consideration may be given to riparian rights.

(d)  Fills which were placed before the effective date of the act, which are used for residential purposes, which are  part   of  a  recorded subdivision, which are less than 1/4 acre,   and  which  do   not  adversely

affect the public trust may be charged a fee of $500.00 as the full market value. The fee stated in this subdivision shall be adjusted every 5 years according to the bureau of labor statistics 'all-items' index  and  other economic indicators.

(3)   The consideration to be paid as fair cash value for deeds to unpatented lands which are not filled or substantially changed from their natural character and which are to be used or are being used for flood control, shore erosion control, drainage, and sanitation control shall be 30% of the value of the filled bottomland, based on its highest and  best use, giving due consideration to riparian rights.

(4)    The consideration for leases to unpatented bottomland  for  marina purposes shall be not less than 5% of the typical gross dockage and mooring rent in the area. A lease period may be a period of up to 50 years, but rental  rates  shall  be  adjusted  at least every 5 years. Adjustments shall be in all years ending in "0" or "5."  The   rental fee adjustment  shall  be  directly proportional to  the bureau of  labor

statistics 'all-items' index and other economic indicators. Typical gross dockage and mooring rent shall be based on the most efficient use of the area involved.

(5)     Upon approval of any deed, lease,  or  other  agreement,  the application fee shall be credited against the consideration to be paid  to the state.

History: 1982 AACS.