21 Jan Maine’s Working Waterfront Tax Law
Program Name: Maine’s Working Waterfront Tax Law
Resource Type: State
State: Maine, Northeast
Agency: Program Source: Tax Incentives
Description: 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. To allow the property to be valued for property tax purposes based on what the value of the property would be in the marketplace if its future use were required to remain the same as the way it is currently being used as working waterfront. This law requires the assessor to place a value on the property which recognizes what the property is worth as working waterfront land and not what its market value would be if the property could be converted to other uses.