|
| 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. For land that has |
| been classified as farmland under this subchapter for 5 full years |
| or more, the assessor has the option but is not required to impose |
| a penalty.__If the assessor elects to apply a penalty, the penalty |
| is the recapture of the taxes 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, |
| months from the date of the filing of the tax lien certificate |
| instead of 18 months. |
