WILLIAM DONALD SCHAEFER, Governor                            Ch. 435

(h) Except as provided in subsection (i) of this section, the value of woodland for
assessment purposes in effect at the beginning of an agreement may not be increased for
the period covered by the agreement.

(i) (1) Woodland shall be reassessed when:

(i) an agreement ends and is not renewed as provided in subsection
(f)(2) of this section;

(ii) timber is harvested, unless harvested according to the plan
[developed] APPROVED by the Department of Natural Resources;

(iii) land subject to an agreement is conveyed to a new owner except as
provided in subsection (g) of this section; or

(iv) an agreement is ended by the Department of Natural Resources at
the request of the owner or because the owner has not complied with the agreement.

(2) If only part of the land subject to an agreement is conveyed or only part
of the timber is harvested, the reassessment shall be only for the part of land conveyed or
the part of land on which the timber is harvested.

(j) If the assessment under subsection (i)(1)(ii) through (iv) of this section is
greater than the assessment under subsection (h) of this section, the difference between
the 2 assessments is computed in approximately equal annual steps that cover the number
of taxable years between the 2 assessments, and the agreement holder owes property tax
for each taxable year payable at the property tax rates applicable for each taxable year.

(k) (1) SUBJECT TO THE PROVISIONS OF THIS SUBSECTION AND ANY
PERTINENT LOCAL LAWS, A WOODLAND OWNER WHO HAS 50 OR MORE CONTIGUOUS
ACRES SUBJECT TO AN AGREEMENT MAY SUBDIVIDE THE PROPERTY AND
TRANSFER TO A CHILD OF THE OWNER A BUILDING LOT NOT EXCEEDING ONE ACRE
FOR THE PURPOSES OF CONSTRUCTING A DWELLING UNIT ON THE LOT WITHOUT
LIABILITY FOR PRIOR TAXABLE YEARS UNDER SUBSECTION (J) OF THIS SECTION.

(2)      A BUILDING LOT TRANSFERRED UNDER THIS SUBSECTION MAY NOT
EXCEED:

(I)       1 ACRE; OR

(II)     IF LOCAL LAW OR REGULATIONS ADOPTED BY THE DEPARTMENT
OF THE ENVIRONMENT REQUIRES REQUIRE THAT THE MINIMUM SIZE OF A BUILDING
LOT EXCEED 1 ACRE, THE MINIMUM SIZE REQUIRED UNDER LOCAL LAW OR
REGULATIONS ADOPTED BY THE DEPARTMENT OF THE ENVIRONMENT.

(2) (3) A WOODLAND OWNER MAY NOT TRANSFER UNDER THIS
SUBSECTION MORE THAN ONE BUILDING LOT FOR EVERY 10 ACRES SUBJECT TO THE
AGREEMENT OR MORE THAN ONE BUILDING LOT TO EACH CHILD OF THE OWNER.

(3)      (4) (I) A WOODLAND OWNER SHALL APPLY TO THE
DEPARTMENT OF NATURAL RESOURCES FOR A MODIFICATION OF AN AGREEMENT
UNDER THIS SUBSECTION.

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