§ 36 §1135 — Current use valuation of working waterfront land

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.
1.
Comparative valuation.
The assessor may determine the current use value of working waterfront land by considering:
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.

Legislative History

PL 2007, c. 466, Pt. A, §58 (NEW). PL 2023, c. 671, §§2-4 (AMD).