S.L. 199.2 Art. 4Establishment of the base value of agricultural land.

(1) The Minister responsible for agriculture shall establish and publish by means of a Government notice in the Gazette the base value of one (1) tumolo of agricultural land.

(2) The base value of agricultural land shall be revised every five (5) years from the coming into force of these regulations and each revision shall be published by means of a Government notice in the Gazette.

(3) In establishing the base value of agricultural land, the income approach shall be adopted as established in the European Valuation Standards published from time to time by the European Group of Valuers’ Associations in order to determine the open market valuation of agricultural land based on average net income yields resulting from data derived from the Farm Accountancy Data Network

(FADN) established by Commission Implementing Regulation (EU) 2015/220 of 3 February 2015 laying down rules for the application of Council Regulation (EC) No 1217/2009 setting up a network for the collection of accountancy data on the incomes and business operation of agricultural holdings in the European Union using the direct capitalisation method where the capitalisation rate shall be of three per cent (3%).

SCHEDULE I (regulation 3)

Calculating the Fair Price of Agricultural Land