For the purposes of this chapter, fair market value shall be determined as follows:
(a) Time for Determination. Fair market value shall be determined as of the time of filing the final plat map or final development plan with the Planning Commission.
(b) Method of Value Determination. Fair market value shall equal the average value per acre of all land in each subdivision or development in its raw, undeveloped state, determined by application of one of the following procedures:
(1) By agreement between the subdivider or developer and the Planning Commission;
(2) In the event the subdivider or developer and the Commission cannot agree, by determination of the Commission on the basis of assessed value for property tax purposes of all land in the subdivision or development, modified to equal market value in accordance with current assessment practices, and divided by the total number of acres within the subdivision or development;
(3) In the event the subdivider or developer objects to the valuation method set forth in paragraph (2) hereof, by a qualified independent appraiser approved by the Planning Commission; or
(4) In the event the subdivider or developer objects to all of the foregoing methods of valuation, by a three-member board of appraisers, one of whom shall be appointed by the Commission, one of whom shall be appointed by the subdivider or developer and one of whom shall be selected by the two appraisers so appointed. The decision of a majority of such board shall be final.
(Ord. 77-06. Passed 2-22-77. )