(1) The value of a parcel under consideration for lease or issuance of an easement shall be determined through an appraisal or limited valuation.
(2) An appraisal must include state-owned improvements in the valuation and use comparable sales for like-properties. The department may conduct an appraisal or appraisal update; or the department may contract with a Montana-licensed certified general appraiser. The department shall review and approve an appraisal or appraisal update conducted by a contract appraiser.
(3) A limited valuation is an estimation of value through other means which may include:
(a) the department's fee schedule;
(b) a survey of real estate appraisers, local tax assessors, or local realtors; or
(c) an evaluation of local rents or local market fees.
(4) An appraisal or limited valuation must be updated, or the parcel reappraised:
(a) where issuing a lease, if the appraisal or limited valuation is older than two years; and
(b) where issuing an easement, if the appraisal or limited valuation is older than one year. An appraisal or limited valuation may be updated or the parcel reappraised earlier than as required in (4)(a) and this subsection.