HI HB488

Revises the statutory appraisal process for agricultural and aquacultural public land leases to stabilize lease rents.

Requires that valuations of public agricultural or aquacultural land be based solely on the land's use for agriculture or aquaculture, excluding any value from other potential uses or neighboring land uses.

Mandates that the Department of Land and Natural Resources bear the cost of an appraisal if the cost exceeds one year's existing rent in certain specified situations.

Specifies factors that must be considered when determining fair market value and best use for agricultural and aquacultural lands.