Rhode Island General Laws 44-27-10. Reclassification of land withdrawn from classification – Effect on obligations and the land use change tax
Land, previously classified as farm, forest, or open space land, which was withdrawn from that classification may be reclassified as that classification if it still meets the requirements of this chapter. This reclassification of the land commences anew the computation of the period for purposes of the land use change tax. Any unpaid lien obligated by the previous withdrawal is voided. At no time shall an obligation incurred under the provisions of this chapter exceed ten percent (10%) of the then fair market value of the land.
History of Section.
P.L. 1980, ch. 252, § 2.
Terms Used In Rhode Island General Laws 44-27-10
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Open space land: means any tract or contiguous tracts of undeveloped land, where the undeveloped land serves to enhance agricultural values, or land in its natural state that conserves forests, enhances wildlife habitat or protects ecosystem health, and that is:
(i) Ten (10) total acres or larger, exclusive of house site, where "house site" means the zoned lot size or one acre, whichever is smaller, and land surrounding dwellings or devoted to developed facilities, such as tennis courts, pool, etc. See Rhode Island General Laws 44-27-2