(a) Prior to any action of the Department giving tentative approval to the cancellation of any contract, the assessor shall determine the full cash value of the land in accordance with 11 Guam Code Ann. §§ 24305, 24306,
24307 as though it were free of the contractual restriction imposed pur- suant to *[§19312.4 of the Government Code.] The assessor shall then determine the amount of deferred taxes and certify same to the Depart- ment as the cancellation valuation of the land for the purpose of determining the cancellation fee.

NOTE: *This is the section number given in P.L. 12-225; however, no equivalent section number in the current law has been identified by the Compiler which may be cited here.

(b) Prior to giving tentative approval to the cancellation of any contract the Department shall determine and certify to the landowner the amount of the cancellation fee which he must pay the government of Guam, as deferred taxes upon cancellation. That fee shall be an amount equal to fifty percent (50%) of the cancellation valuation of the property.

(c) If it finds that it is in the public interest to do so the Department may waive any such payment or any portion thereof, or may make such payment or a portion thereof contingent upon the future use made of the land and its economic return to the landowner for a period of time not to exceed the unexpired period of the contract, had it not been cancelled, provided:

(1) The cancellation is caused by an involuntary transfer or change in the use which may be made of the land and the land is not immediately suitable, nor will be immediately used for a purpose would produce a greater economic return to the owner,

(2) The Department has determined it is in the best interests of the program to conserve agricultural use that such payment be either deferred or not required.

(d) When deferred taxes required by this section are collected, they shall be transmitted by the Treasurer of Guam to the General Fund.

SOURCE: GC § 12525.