OAR 698-015-0160: Payment Relationship Between Covenants and Easements

If a Working Land Conservation Covenant is funded through the OAHP and a later application is submitted to the Commission for the same property for a Working Land Conservation Easement: (1) If the term of the covenant has not expired, the fair market value of the easement will be reduced by a proportion equivalent to the time remaining on the covenant. (2) If the term of the covenant has expired, no reduction of fair market value will be taken for the subsequent easement.