Property Ownership
Under Maine's Tree Growth Tax Law, landowners who enroll their forestland receive:
AA complete property tax exemption
BReduced property tax assessment based on timber productivity✓ Correct
CA state subsidy for timber harvesting
DAn exemption from shoreland zoning requirements
Explanation
Maine's Tree Growth Tax Law reduces property taxes on enrolled forestland by assessing it based on its value for timber production rather than its fair market value, encouraging forest preservation.
People Also Study
Related Maine Questions
- Maine's 'Tree Growth' land can be challenging to appraise because its value is based on:Property Valuation
- A Maine buyer wants to offer $340,000 for a $360,000 listed property. Their agent advises that comparable properties are selling for 97% of list price on average. Based on the comps, the fair market value is approximately:Real Estate Math
- Maine property taxes are based on assessed value, which municipalities typically set at:Property Valuation
- Maine's Tree Growth Tax Law provides reduced property tax assessments for timberland enrolled in the program if the owner:Property Ownership
- Maine's 'Tree Growth Tax Law' affects appraisal because land enrolled in the program:Property Valuation
- A Maine property has a fair market value of $450,000 and is assessed at 95% of market value. With a mill rate of 13.5, the annual property tax is:Real Estate Math
- In Maine real estate appraisal, 'market value' is best defined as:Property Valuation
- The Maine Human Rights Act (MHRA) protects against housing discrimination based on which characteristic NOT covered by the federal Fair Housing Act?Fair Housing
Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Study This Topic
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →