Taxation in Massachusetts
Taxation in the U.S. state of Massachusetts / From Wikipedia, the free encyclopedia
Chapter 61 is a voluntary current use program designed by the Massachusetts Legislature to tax real property in the Commonwealth of Massachusetts at its timber resources value rather than its highest and best use (development) value. Landowners who enroll their land in the program receive property tax reductions in exchange for a lien on their property. The terms of the lien require that enrolled land remain in an undeveloped state and be managed for forest resources extraction under a forest management plan approved by the state. Furthermore, the lien provides the municipal government of the town in which the enrolled property is located a right of first refusal should the landowner put the land up for sale while it is enrolled in the program. Towns may assign their right of first refusal to a state agency or a non-profit land trust. Landowners who develop their land while enrolled in the program, or for a period of time after withdrawing from the program, may be required to pay penalties.