RSA 79:5. General Tax; Credits in Certain Cases.

I. Whenever it shall appear to the assessing officials that a town or city is unreasonably deprived of revenue because of the failure of an owner to cut standing wood or timber when it shall have arrived at the degree of maturity most suitable for its use, such standing wood or timber shall be taxed in the same manner as general property and be subject to the same rights of appeal, the intent being to prevent the holding of standing wood or timber indefinitely without the payment of any taxes. If such standing wood or timber is taxed under the provision of this section, such taxes shall be a credit against any yield tax later imposed. [Paragraph II effective until November 1, 2027; see also paragraph II set out below.] II. As an alternative to the imposition of the tax provided for in paragraph I, in any tax year the owner may make a payment in lieu of taxes to the town or city equal to the difference between the pre-sequestration timber tax revenue and the actual timber tax paid by the landowner in that year. For any tax year for which the owner elects to make a payment in lieu of taxes under this paragraph, the owner shall notify the town or city in writing of the owner's election on or before December 31 preceding such tax year. [Paragraph II effective November 1, 2027; see also paragraph II set out above.] II. [Repealed.] Source: Source. 1949, 295:2, par. 4. RSA 79:5. 1955, 287:1, par. 5. 1985, 275:5, eff. April 1, 1986. 2025, 164:2, eff. July 1, 2025; 164:4, I, eff. Nov. 1, 2027.