[§246-12.1]  Golf course assessment. 
Property operated and used as a golf course shall be assessed for property tax
purposes on the following basis:



The value to be assessed by the tax assessor
shall be on the basis of its actual use as a golf course rather than on the
valuation based on the highest and best use of the land.



In determining the value of actual use, the
factors to be considered shall include, among others, rental income, cost of
development, sales price and the effect of the value of the golf course on the
value of the surrounding lands. [L 1969, c 150, pt of §1]