LAW WITHOUT
GOVERNOR'S CHAPTER
SIGNATURE
663
APRIL 26, 2022 PUBLIC LAW
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-TWO
_____
H.P. 807 - L.D. 1129
An Act Relating to the Valuation of Improved Real Property
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §701-A, as amended by PL 2007, c. 389, §1, is further amended
by enacting after the 2nd paragraph a new paragraph to read:
For the purpose of establishing the valuation of improved real property, the property
must be valued based on its highest and best use as of April 1st of each year, taking all of
the following 3 approaches to value into consideration: cost, income capitalization and
sales comparison. In establishing the valuation of improved real property, assessors shall
consider age, condition, use, type of construction, location, design, physical features and
economic characteristics.
Sec. 2. 36 MRSA §701-A, as amended by PL 2007, c. 389, §1, is further amended
by enacting at the end a new paragraph to read:
In determining just value, consistent with the Constitution of Maine, Article IX,
Section 8, a property subject to restrictions, contractual or otherwise, that restrict the
permitted use of a property may not be considered comparable to property not so restricted.
Page 1 - 130LR0228(05)


Statutes affected:
Bill Text LD 1129, HP 807: 36.701
Bill Text ACTPUB , Chapter 663: 36.701