Current Use Programs
The Maine Tree Growth Tax Law provides for the valuation of land, which has been classified as commercially harvested forestland on the basis of productivity value, rather than on fair market value. The state determines the 100% valuation per acre for each forest type classified by county. Once classified, any change in use or withdrawal from classification results in a supplemental tax penalty.
Farm & Open Space
The Farm and Open Space Tax Law provides for the valuation of land which has been classified as farmland or open space land on its current use as farmland or open space, rather than its potential fair market value for use other than agricultural or open space.
Land registered for long-term agricultural use. The assessor establishes the 100% valuation per acre based on the current use value of farmland utilized for agricultural or horticultural purposes and not potential developmental or market value uses. Once classified, any change in use or withdrawal results in a supplemental tax penalty.
Registered land providing a defined public benefit through preservation or restrictions on use. The valuation for open space land is either the market value of open space land adjusted by the certified ratio or an alternative percentage-based method. The percentage-based method provides for reduction from market value relative to the restrictions placed on the property. The greater the restrictions, the greater the reduction. Once classified, any change in use or withdrawal results in a supplemental tax penalty.
To encourage the preservation of working waterfront land and to prevent the conversion of working waterfront land to other uses as the result of economic pressures caused by the assessment of that land for purposes of property taxation. Once classified, any change in use or withdrawal results in a supplemental tax penalty.