As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2007, c. 301, §1 (NEW).]
1. Farm support arrangement. “Farm support arrangement” means an arrangement that meets requirements established by the department by rule under which:
A. The owner of qualified farmland grants to a municipality a qualified easement; and [PL 2007, c. 301, §1 (NEW).]
B. The municipality obligates itself to make farm support payments. [PL 2007, c. 301, §1 (NEW).]

[PL 2007, c. 301, §1 (NEW).]

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Terms Used In Maine Revised Statutes Title 7 Sec. 60

  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Farm support arrangement: means an arrangement that meets requirements established by the department by rule under which:
A. See Maine Revised Statutes Title 7 Sec. 60
  • Farm support payments: means annual payments by a municipality during the term of a qualified easement:
  • A. See Maine Revised Statutes Title 7 Sec. 60
  • Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72
  • Qualified easement: means an agricultural conservation easement held by a municipality on qualified farmland in that municipality that:
  • A. See Maine Revised Statutes Title 7 Sec. 60
  • Qualified farmland: means farmland that meets eligibility requirements established by the department by rule. See Maine Revised Statutes Title 7 Sec. 60
  • 2. Farm support payments. “Farm support payments” means annual payments by a municipality during the term of a qualified easement:
    A. In an amount up to 100% of the annual property taxes assessed by that municipality against land and buildings subject to a qualified easement up to the fair market value of the easement; and [PL 2007, c. 693, §1 (AMD).]
    B. To the person against whom the property taxes are assessed. [PL 2007, c. 301, §1 (NEW).]

    [PL 2007, c. 693, §1 (AMD).]

    3. Qualified easement. “Qualified easement” means an agricultural conservation easement held by a municipality on qualified farmland in that municipality that:
    A. Meets standards adopted by rule by the department designed to ensure that no development other than development related to agricultural use occurs on the qualified farmland; and [PL 2007, c. 301, §1 (NEW).]
    B. Is limited to a term of not less than 20 years. [PL 2007, c. 301, §1 (NEW).]

    [PL 2007, c. 301, §1 (NEW).]

    4. Qualified farmland. “Qualified farmland” means farmland that meets eligibility requirements established by the department by rule.

    [PL 2007, c. 301, §1 (NEW).]

    SECTION HISTORY

    PL 2007, c. 301, §1 (NEW). PL 2007, c. 693, §1 (AMD).