Property appraiser candidate Gregory LaPlante told The News Herald that the money translates into millions of dollars and is a way for some to pay less taxes by declaring their property as agricultural land when it isn't in fact used in this way.
"I’ve been pretty active in the community especially in respect to getting some type of property tax fairness and honesty," said Mr LaPlante.
However, incumbent Dan Sowell claims that the elimination of the tax would have a significant economic impact. Agricultural properties are large contributors to the nation's GDP and supporting those in the sector is important for growth.
Nevertheless, property in Panama continues to be popular choice for those looking to emigrate following retirement, especially among US citizens.
The country offers a special retirement programme that gives considerable discounts of every day services, including medical appointments and transport.