§ 24-4-102. TERMINATION; REPAYMENT.

(a)

Termination. A tax credit granted to a property owner of agricultural land shall terminate if the property owner:

(1)

Sells an easement or development rights to the state or county; or

(2)

Terminates the agricultural preservation district agreement.

(b)

Payback.

(1)

A property owner who has been granted a property tax credit for agricultural land under this title and who subsequently terminates the agricultural preservation district agreement is liable for:

(i)

All property taxes that the owner would have been liable for if a property tax credit had not been granted under this section for a period not exceeding 10 years from the date that the agricultural preservation district agreement was recorded; and

(ii)

Interest on the total tax liability as required under the code.

(2)

Taxes and interest will not be paid by those districts with a tax credit exceeding 10 years from the date of district recordation.

(1988 Code, § 14-465) (Bill No. 50-93, § 2, 7-10-1993; Bill No. 19-00, § 2, 7-1-2004; Bill No. 74-03, § 3, 7-1-2004)