In tax years beginning on or after April 1, 1988, the |
| Assessor shall determine annually the amount of acreage in each |
| municipality that is classified and taxed in accordance with this |
| subchapter. A municipality actually levying and collecting |
municipal property taxes and within whose |
| this acreage lies is entitled to annual payments from money |
| appropriated by the Legislature provided it submits an annual |
| return in accordance with section 383 and it achieves the |
appropriate minimum assessment ratio described in section 327. For |
the property tax year based on the status of property on April 1, |
1988, the per acre reimbursement amount increases from 15¢ to 24¢. |
| For property tax years based on the status of property on April 1, |
| 1989 or thereafter, the per acre reimbursement is 90% of the per |
| acre tax revenue lost as a result of this subchapter. For purposes |
| of this section, the tax lost is the tax that would have been |
| assessed, but for this subchapter, on the classified forest lands |
| if they were assessed according to the undeveloped acreage |
| valuations used in the state valuation then in effect, or according |
| to the current local valuation on undeveloped acreage, whichever is |
| less, minus the tax that was actually assessed on the same lands in |
| accordance with this subchapter. A municipality that fails to |
| achieve the minimum assessment ratio established in section 327 |
| loses 10% of the reimbursement provided by this section for each |
| one percentage point the minimum assessment ratio falls below the |
| ratio established in section 327. If a complete annual return, |
| including an application for reimbursement under this paragraph, is |
| not filed when due, the reimbursement must be reduced by the unpaid |
| portion of the penalty imposed under section 383.__If a complete |
| return and application are not filed by May 1st of the year |
| following the year for which the return is due, no reimbursement |
| under this paragraph may be paid except as a credit against the |
| penalty imposed under section 383. |
