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

Rule 7. (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.