Sec. 8. 36 MRSA §1108, sub-§1, as amended by PL 1987, c. 728, §5, is further amended to read:

1. Organized areas. The municipal assessors shall adjust the 100% valuations per acre for farmland for their jurisdiction by whatever ratio or percentage of current just value, is then being applied to other property within the municipality to obtain the assessed values. For any tax year, the classified farmland value must may reflect only the current use value for farm or open space purposes and shall may not include any increment of value reflecting development pressure. Commencing April 1, 1978, land in the organized areas subject to taxation under this subchapter shall must be taxed at the property tax rate applicable to other property in the municipality, which rate shall must be applied to the assessed values so determined.

For tax years beginning on or after April 1, 2000, the State Tax Assessor shall determine annually the amount of acreage in each municipality that is classified as farmland and taxed in accordance with this subchapter.__A municipality actually levying and collecting municipal property taxes and within whose boundaries this acreage lies is entitled to annual payments from money appropriated by the Legislature if the municipality submits an annual return in accordance with section 383 and it achieves the appropriate minimum assessment ratio described in section 327.__The reimbursement is equal to 90% of the per-acre tax revenue lost as a result of this subchapter.__For purposes of this subsection, the tax revenue lost is the tax that would have been assessed, but for this subchapter, on the classified farmlands if they had been 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 subsection for each one percentage point the minimum assessment ratio falls below the ratio established in section 327.__The State Tax Assessor shall pay any municipal