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farmland and subjected to taxation under this subchapter. If, at | | the end of the 2-year period, the land does not qualify as farmland | | under section 1102, subsection 4, the owner shall pay a penalty | which shall bewhich | | would have been assessed had the property been assessed at its fair | | market value on the first day of April for the 2 preceding tax | | years less the taxes paid on the property over the 2 preceding | | years and interest at the legal rate from the dates on which those | | amounts would have been payable. |
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| | | Sec. 10. 36 MRSA §1112, 2nd ¶, as amended by PL 1995, c. 603, §2, is | | further amended to read: |
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| | | For land classified as farmland under this subchapter for less | than 5 full years, the penalty is equal to the greater of 20% of | its assessed fair market value at the time the land is removed | from the program or the amount necessary to meet the requirements | of the Constitution of Maine, Article IX, Section 8. | that has beenfor 5 | full years or more | | that would have been paid on the land for the past 5 years if it | | had not been classified under this subchapter, less all taxes | | that were actually paid during those 5 years and interest at the | | rate set by the town during those 5 years on delinquent taxes. | | An owner of farmland that has been classified under this | | subchapter for 5 full years or more may pay any penalty owed | | under this paragraph in up to 5 equal annual installments with | | interest at the rate set by the town to begin 60 days after the | | date of assessment. Notwithstanding section 943, for an owner | | paying a penalty under this procedure, the period during which | | the tax lien mortgage, including interest and costs, must be paid | to avoid foreclosure, | | is 48 months from the date of the filing of the tax lien | | certificate instead of 18 months. |
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| | | Sec. 11. 36 MRSA §1119, as amended by PL 1997, c. 526, §14, is | | further amended to read: |
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| | | §1119. Valuation guidelines |
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| | | By February 1, 1992 | | thereafter, the Department of Agriculture, Food and Rural | | Resources working with the Bureau of Revenue Services, | | representatives of municipal assessors and farmers shall prepare | | and report to the joint standing committee of the Legislature | | having jurisdiction over taxation matters guidelines to assist | | local assessors in the valuation of farmland. The department | | shall also deliver these guidelines in training sessions for | | local assessors throughout the State. These guidelines must | include suggested |
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