4VAC25-130-882.12: Appraisals

(a) A notarized appraisal of private land to be reclaimed which may be subject to a lien under 4VAC25-130-882.13 shall be obtained from an independent appraiser. The appraisal shall state-

(1) The estimated fair market value of the property in its unreclaimed condition; and

(2) The estimated fair market value of the property as reclaimed.

(b) This appraisal shall be made prior to start of reclamation activities. The division shall furnish to the appraiser information of sufficient detail in the form of plans, factual data, specifications, etc., to make such appraisals. When reclamation requires more than six months to complete, an updated appraisal under Paragraph (a)(2) of this section shall be made to determine if the increase in value as originally appraised has actually occurred. Such updated appraisal shall not include any increase in value of the land as unreclaimed. If the updated appraised value results in lower increase in value, such increase shall be used as a basis for the lien. However, an increase in value resulting from the updated appraisal shall not be considered in determining a lien. The Commonwealth shall provide appraisal standards for projects consistent with generally acceptable appraisal practice.