Maine Revised Statutes Title 36 Sec. 1135 – Current use valuation of working waterfront land
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The municipal assessor, chief assessor or State Tax Assessor for the unorganized territory shall establish the current use value per parcel for property classified as working waterfront land. The current use value of working waterfront land is the sale price that the parcel would command in the marketplace if it were required to remain in the use currently being made of the parcel as working waterfront land. The assessor may use one of the following methods to determine current use value. [PL 2007, c. 466, Pt. A, §58 (NEW).]
1. Comparative valuation. The assessor may determine the current use value of working waterfront land by considering:
A. All excess valuation factors that affect the land’s just value; [PL 2007, c. 466, Pt. A, §58 (NEW).]
B. The comparative valuation of inland commercial enterprises that are being assessed on the basis of a use that is similar to the use of the working waterfront land with respect to function, access and level of activity; and [PL 2007, c. 466, Pt. A, §58 (NEW).]
C. Any other factor that results in a determination of the current use value of the working waterfront land. [PL 2007, c. 466, Pt. A, §58 (NEW).]
[PL 2007, c. 466, Pt. A, §58 (NEW).]
Terms Used In Maine Revised Statutes Title 36 Sec. 1135
- Property: shall be construed to mean both real estate and personal property. See Maine Revised Statutes Title 36 Sec. 501
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
- Used predominantly: means used more than 90% for commercial fishing activity, allowing for limited uses for noncommercial or nonfishing activities if those activities are minor and purely incidental to a property's predominant use. See Maine Revised Statutes Title 36 Sec. 1132
- Used primarily: means used more than 50% for commercial fishing activity. See Maine Revised Statutes Title 36 Sec. 1132
- Working waterfront land: means a parcel of land, or a portion thereof, abutting water to the head of tide or land located in the intertidal zone that is used primarily or used predominantly to provide access to or support the conduct of commercial fishing activities. See Maine Revised Statutes Title 36 Sec. 1132
2. Alternative valuation. If there is insufficient data to determine the current use value of working waterfront land under subsection 1, the assessor may reduce the ordinary assessed valuation of the land, without regard to permanent protection restrictions and as reduced by the certified ratio, by applying the percentage reductions for which the land is eligible according to the following categories.
A. Working waterfront land used predominantly as working waterfront land is eligible for a reduction of 20%. [PL 2007, c. 466, Pt. A, §58 (NEW).]
B. Working waterfront land used primarily as working waterfront land is eligible for a reduction of 10%. [PL 2007, c. 466, Pt. A, §58 (NEW).]
C. Working waterfront land that is permanently protected from a change in use through deeded restrictions is eligible for the reduction described in paragraph A or B and an additional reduction of 30%. [PL 2007, c. 466, Pt. A, §58 (NEW).]
[PL 2007, c. 466, Pt. A, §58 (NEW).]
SECTION HISTORY
PL 2007, c. 466, Pt. A, §58 (NEW).