C.F.R. » Title 43 » CHAPTER II—BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR › SUBCHAPTER B—LAND RESOURCE MANAGEMENT (2000) Group 2000—Land Resource Management; General › PART 2200—EXCHANGES: GENERAL PROCEDURES › Subpart 2201—Exchanges—Specific Requirements

43 C.F.R. § 2201.3-2

Market value

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(a) In estimating market value, the appraiser shall:

(1) Determine the highest and best use of the property to be appraised;

(2) Estimate the value of the lands and interests as if in private ownership and available for sale in the open market;

(3) Include historic, wildlife, recreation, wilderness, scenic, cultural, or other resource values or amenities that are reflected in prices paid for similar properties in the competitive market;

(4) Consider the contributory value of any interest in land such as minerals, water rights, or timber to the extent they are consistent with the highest and best use of the property; and

(5) Estimate separately, if stipulated in the agreement to initiate in accordance with § 2201.1 of this part, the value of each property optioned or acquired from multiple ownerships by the non-Federal party for purposes of exchange, pursuant to § 2201.1-1 of this part. In this case, the appraiser shall estimate the value of the Federal and non-Federal properties in a similar manner.

(b) In estimating market value, the appraiser may not independently add the separate values of the fractional interests to be conveyed, unless market evidence indicates the following:

(1) The various interests contribute their full value (pro rata) to the value of the whole; and

(2) The valuation is compatible with the highest and best use of the property.

(c) In the absence of current market information reliably supporting value, the authorized officer may use other acceptable and commonly recognized methods to determine market value.

Notes of Decisions
Cited in 7 cases (2 in the last 5 years), 1997–2025 · leading case: Nat'l Parks & Conservation Ass'n v. Bureau of Land Mgmt., 606 F.3d 1058 (9th Cir. 2010).
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Nat'l Parks & Conservation Ass'n v. Bureau of Land Mgmt., 606 F.3d 1058 (9th Cir. 2010). · cites it 7× “43 C.F.R. § 2201.3-2 (a)(1) ("In estimating market value, the appraiser shall: (1) Determine the highest and best use of the property to be appraised[.”
Nat'l Parks & Conservation Ass'n v. Bureau of Land Mgmt., 586 F.3d 735 (9th Cir. 2009). · cites it 8× “43 C.F.R. § 2201.3-2 (a)(1) ("In estimating market value, the appraiser shall: (1) Determine the highest and best use of the property to be appraised[.”
Pac. Coast Fed'n of Fishermen's Associations v. United States Dep't of the Interior, 996 F. Supp. 2d 887 (E.D. Cal. 2014). “(emphasis in original) (citing 43 C.F.R. § 2201.3-2 (a)(l) (“In estimating market value, the appraiser shall: (1) Determine the highest and best use of the property to be appraised[.”
Desert Citizens Against Pollution v. Bisson, 954 F. Supp. 1430 (S.D. Cal. 1997). “” 43 C.F.R. § 2201.3-2 (a)(l)-(2). The regulations provide definitions for both “market value” and “highest and best use.”
Nat'l Parks & Con v. Kaiser Eagle Mtn. (9th Cir. 2009). · cites it 4× “43 C.F.R. § 2201.3-2 (a)(1) (“In estimating market value, the appraiser shall: (1) Determine the highest and best use of the property to be appraised[.”
Shoshone-Bannock Tribes of the Fort Hall Reservation v. Hammond (D. Idaho 2023). “” 43 C.F.R. § 2201.3-2 (a). Yet they played no role in the appraisal.”
Shoshone-Bannock Tribes of the Fort Hall Reservati v. Usdoi (9th Cir. 2025). “Appraisal Standards § 4.3.2.2, at 104; see id. § 4.”
— 43 C.F.R. § 2201.3-2(a)(3) — 3 cases
Nat'l Parks & Conservation Ass'n v. Bureau of Land Mgmt., 606 F.3d 1058 (9th Cir. 2010). “43 C.F.R. § 2201.3-2 (a)(1) ("In estimating market value, the appraiser shall: (1) Determine the highest and best use of the property to be appraised[.”
Nat'l Parks & Conservation Ass'n v. Bureau of Land Mgmt., 586 F.3d 735 (9th Cir. 2009). “43 C.F.R. § 2201.3-2 (a)(1) ("In estimating market value, the appraiser shall: (1) Determine the highest and best use of the property to be appraised[.”
Nat'l Parks & Con v. Kaiser Eagle Mtn. (9th Cir. 2009). “43 C.F.R. § 2201.3-2 (a)(1) (“In estimating market value, the appraiser shall: (1) Determine the highest and best use of the property to be appraised[.”
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