Section 75-22 SPECIAL ASSESSMENTS - ROLLBACK TAX AND INTEREST.

A. There is hereby imposed a rollback tax and interest thereon in such amounts as may be determined under Section 58-769.10, Code of Virginia, upon any property as to which the use changes to a nonqualifying use.

B. The owner of any real estate liable for rollback taxes shall report to the Treasurer, on forms to be prescribed, any change in the use of such property to nonqualifying use and shall pay the rollback then due. On failure to so report any pay within sixty (60) days following such change in use, such owner shall be liable for an additional penalty equal to ten percent (10%) of the amount of the rollback tax and interest, which penalty shall be collected as a part of the tax. In addition to such penalty, there is hereby imposed interest of one-half percent (1/2%) of the amount of the rollback tax, interest and penalty, for each month or fraction thereof during which the failure continues.

C. Any person making a material misstatement of fact in any application filed pursuant hereto shall be liable for all taxes, in such amounts and at such times as if such property had been assessed on the basis of fair market value as applied to other real estate in the taxing jurisdiction, together with interest and penalties thereon, and he shall be further assessed with an additional penalty of one hundred percent (100%) of such unpaid taxes.

D. The provisions of Title 58, Code of Virginia, applicable to local levies and real estate assessment and taxation shall be applicable to assessments and taxation hereunder mutatis mutandis, including, without limitation, provisions relating to tax liens and the correction of erroneous assessments, and for such purposes, the rollback taxes shall be considered to be deferred real estate taxes.