Sec. 1. 36 MRSA c. 105, sub-c. 11 is enacted to read:

SUBCHAPTER 11

LONG-TERM OWNERSHIP TAX LAW

§1131.__Program established; definitions

1.__Program established.__The Maine Land Bank and Community Preservation Program is established to provide an alternative means of calculating assessed values for purposes of levying property taxes for land held by owners who intend to maintain long-term ownership, family ownership or make a designated bequest.

2.__Definitions.__As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.

A.__"Direct relative" means parent, aunt, uncle, sibling, first cousin, niece, nephew or grandchild, by birth or adoption.

B.__"Program" means the Maine Land Bank and Community Preservation Program established in this subsection.

C.__"Classified land" means land for which an application under section 1132 has been accepted or for which classification has been certified.__"Classified land" does not include any building or structure on the land or any other thing affixed to the land that would be considered real estate under section 551.

§1132.__Application by owner

The owner of any land may apply for taxation under this subchapter subject to the provisions of this section.

1.__Filing application.__The owner shall file a written application with the assessor and a copy for recordation with the register of deeds for the jurisdiction in which the land potentially subject to taxation under the program exists.__The application must be filed on or before March 1st for the land to be a classified land for the tax year beginning April 1st of the same year.

2.__Content.__The application must be on a form prescribed by the State Tax Assessor, must clearly identify the land