If the Department of State Lands finds that the property erroneously conveyed has been identified generally as private property, as evidenced by the inclusion of the property on the assessment rolls of the county in which it is located for a period of 20 years or more immediately preceding, the department may refund to the grantee an amount not to exceed any of the following values: (1) The current fair market value of the property erroneously conveyed; (2) The amount of the most recently issued title insurance policy carried on the property, if such a title insurance policy has been issued regularly; or (3) The estimated current value to the department of the indemnity selection rights reconveyed to the state.
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