Maine Revised Statutes Title 7 Sec. 60 – Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2007, c. 301, §1 (NEW).]
1. Farm support arrangement. “Farm support arrangement” means an arrangement that meets requirements established by the department by rule under which:
A. The owner of qualified farmland grants to a municipality a qualified easement; and [PL 2007, c. 301, §1 (NEW).]
B. The municipality obligates itself to make farm support payments. [PL 2007, c. 301, §1 (NEW).]
[PL 2007, c. 301, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 7 Sec. 60
- 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.
- Farm support arrangement: means an arrangement that meets requirements established by the department by rule under which:
A. See Maine Revised Statutes Title 7 Sec. 60Farm support payments: means annual payments by a municipality during the term of a qualified easement:
A. See Maine Revised Statutes Title 7 Sec. 60Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72 Qualified easement: means an agricultural conservation easement held by a municipality on qualified farmland in that municipality that:
A. See Maine Revised Statutes Title 7 Sec. 60Qualified farmland: means farmland that meets eligibility requirements established by the department by rule. See Maine Revised Statutes Title 7 Sec. 60
2. Farm support payments. “Farm support payments” means annual payments by a municipality during the term of a qualified easement:
A. In an amount up to 100% of the annual property taxes assessed by that municipality against land and buildings subject to a qualified easement up to the fair market value of the easement; and [PL 2007, c. 693, §1 (AMD).]
B. To the person against whom the property taxes are assessed. [PL 2007, c. 301, §1 (NEW).]
[PL 2007, c. 693, §1 (AMD).]
3. Qualified easement. “Qualified easement” means an agricultural conservation easement held by a municipality on qualified farmland in that municipality that:
A. Meets standards adopted by rule by the department designed to ensure that no development other than development related to agricultural use occurs on the qualified farmland; and [PL 2007, c. 301, §1 (NEW).]
B. Is limited to a term of not less than 20 years. [PL 2007, c. 301, §1 (NEW).]
[PL 2007, c. 301, §1 (NEW).]
4. Qualified farmland. “Qualified farmland” means farmland that meets eligibility requirements established by the department by rule.
[PL 2007, c. 301, §1 (NEW).]
SECTION HISTORY
PL 2007, c. 301, §1 (NEW). PL 2007, c. 693, §1 (AMD).