Friday, June 09, 2006

Working Waterfront Bills Signed Into Law
Two bills designed to protect and preserve Maine’s working waterfront have been signed into law.
The Working Waterfront bill, LD 1972, allows waterfront property that supports the commercial fishing industry to be taxed based on its current use. Prior to this bill, all waterfront property had to be taxed at its ‘just value’ a/k/a highest and best use, meaning that land supporting a fishing dock and bait shed had to be valued and taxed as if it were supporting a mansion or resort. This bill was submitted following last November’s overwhelming support (72%) of Question 7 – a measure designed allow the Legislature to adjust the tax rate of working waterfront property.

LD 1930 allows a working waterfront business to sell some of its development rights, as a covenant, to a third party. The covenant would ensure that the property remain as working waterfront and allow the property to be taxed at a reduced rate.


Post a Comment

<< Home