§ 1 Definitions
§ 2 Agricultural incentive area committee
§ 3 Location of agricultural or horticultural land; informational meetings
§ 4 Establishment of agricultural incentive areas; procedure
§ 5 Sale of land or conversion to other use
§ 6 Property tax; assessment
§ 7 Special or betterment assessments
§ 8 Eligibility of area for purchase of agricultural preservation restrictions; priority
§ 9 Rules and regulations
§ 10 Local acceptance of chapter
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Terms Used In Massachusetts General Laws > Chapter 40L - Agricultural Incentive Areas

  • Appraisal: A determination of property value.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Quorum: The number of legislators that must be present to do business.