Guam § 65404 - Assessment of Land; Determination of Cancellation

§ 65404. Assessment of Land; Determination of Cancellation

Fee; Deferred Taxes; Waiver of Payment; Distribution of

Deferred Taxes.

(a) Prior to any action of the Department giving tentative

approval to the cancellation of any contract, the assessor shall

determine the full cash value of the land in accordance with 11

GCA §§ 24305, 24306, 24307 as though it were free of the

contractual restriction imposed pursuant to *[§19312.4 of the

Government Code.] The assessor shall then determine the amount

of deferred taxes and certify same to the Department as the

cancellation valuation of the land for the purpose of determining

the cancellation fee.

NOTE: *This is the section number given in P.L. 12-225; however, no

equivalent section number in the current law has been identified by the

Compiler which may be cited here.

(b) Prior to giving tentative approval to the cancellation of

any contract the Department shall determine and certify to the

landowner the amount of the cancellation fee which he must pay

the government of Guam, as deferred taxes upon cancellation.

That fee shall be an amount equal to fifty percent (50%) of the

cancellation valuation of the property.

(c) If it finds that it is in the public interest to do so the

Department may waive any such payment or any portion thereof,

or may make such payment or a portion thereof contingent upon

the future use made of the land and its economic return to the

landowner for a period of time not to exceed the unexpired period

of the contract, had it not been cancelled, provided:

(1) The cancellation is caused by an involuntary transfer

or change in the use which may be made of the land and the

land is not immediately suitable, nor will be immediately

used for a purpose would produce a greater economic return

to the owner,

(2) The Department has determined it is in the best

interests of the program to conserve agricultural use that such

payment be either deferred or not required.

(d) When deferred taxes required by this section are

collected, they shall be transmitted by the Treasurer of Guam to

the General Fund.