Section 7. When the owner of classified land withdraws such land or any part thereof from classification, or upon a final determination that said land should be withdrawn from classification, he shall pay to the city or town a withdrawal penalty tax equal to the difference between the amount of taxes which would have been paid under chapter fifty-nine and the sum of the products tax established by section three of this chapter and the land taxes paid from the last prior certification under the provisions of this chapter, or from the immediately preceding five years, whichever period is the longer. There shall be added to the tax due, under this chapter, for each taxable year, an amount of interest determined at the rate as is established under section thirty-two of chapter sixty-two C. When said voluntary withdrawal occurs at the end of a completed certification period, credit against the withdrawal penalty tax shall be given for any tax payments made under the provisions of this chapter during the said certification period. No such credit for products tax shall be given if the land is withdrawn upon a final determination that the land was not properly classified or managed under a forest management plan, or if said land is withdrawn voluntarily by the owner at a time other than the end of the certification period.

Last modified: March 26, 2006