(1) Previously Completed Appraisal. A previously completed appraisal may be filed as evidence of fair market value if the appraisal is dated not earlier than six months prior to the filing of the complaint seeking partition and the appraisal was completed by a disinterested real estate appraiser licensed in the State. When a previously completed appraisal is filed, the court shall direct the clerk to send notice pursuant to section (c) of this Rule.

(2) By Agreement of Cotenants. If all cotenants have agreed to the fair market value of the property or to a method of valuation, the court shall adopt the agreed-upon fair market value or the value produced by the agreed-upon method of valuation.

Cross reference: See Code, Real Property Article, § 14-707(c).

(3) Evidentiary Value of Appraisal Outweighed by Court. If the cotenants do not agree on a valuation, or to a method of valuation, and the court determines that the evidentiary value of an appraisal is outweighed by the cost of the appraisal and no previously completed appraisal was filed under subsection (b)(1) of this Rule, the court, after holding a hearing pursuant to section (d) of this Rule, shall determine the fair market value of the property and direct the clerk to send notice to the parties of the fair market value determination.

If the cotenants do not agree on a valuation, or to a method of valuation, and the court determines that the evidentiary value of an appraisal is outweighed by the cost of the appraisal and no previously completed appraisal was filed under subsection (b)(1) of this Rule, the court, after holding a hearing pursuant to section (d) of this Rule, shall determine the fair market value of the property and direct the clerk to send notice to the parties of the fair market value determination.

Cross reference: See Code, Real Property Article, § 14-707(d).

(1) the appraised fair market value of the property;

(2) that the appraisal is available at the office of the Clerk of the court; and

(3) that a party may file an objection to the appraisal with the court no later than 30 days after the notice is sent.

Cross reference: See Code, Real Property Article, § 14-707(f).

(1) When Scheduled. If an appraisal is filed with the court pursuant to section (a) of this Rule, if a party objects to an appraisal filed pursuant to subsection (b)(1) of this Rule, or if the court determines that the evidentiary value of an appraisal is outweighed by the cost of the appraisal pursuant to subsection (b)(3) of this Rule, the court shall conduct a hearing to determine the fair market value of the property. If an appraisal was filed, the hearing shall be held no sooner than 30 days after a copy of the notice of appraisal is sent to each party pursuant to section (c) of this Rule.

(2) Evidence Considered at Valuation Hearing. At the hearing, the court may consider an appraisal filed with the court pursuant to this Rule and any other evidence of valuation offered by a party.

(1) Post-Valuation Hearing Determination. After a valuation hearing is concluded, but prior to considering the merits of a complaint seeking partition, the court shall determine the fair market value of the property.

(2) Adoption of Agreed-Upon or Non-Disputed Valuation. If no valuation hearing was held pursuant to section (d) of this Rule, prior to considering the merits of a complaint seeking partition, the court shall adopt either (A) the valuation based on a previously completed appraisal that meets the criteria set forth in subsection (b)(1) of this Rule and that has not been objected to by any party, or (B) the valuation that the parties have agreed upon pursuant to subsection (b)(2) of this Rule.

(3) Notice. The court shall direct the clerk to send notice to the parties of the value determined under subsection (e)(1) of this Rule or adopted under subsection (e)(2) of this Rule.

Cross reference: See Code, Real Property Article, §§ 14-707(g)-(h).

Source: This Rule is new.