(a) There is hereby imposed a roll-back tax in such amount as may be determined under Section 58.1-3237 of the Code of Virginia of 1950, as amended, including interest at a rate of five-sixths of one percent per month, or fraction thereof, upon any property whose use changes to a nonqualifying use, or upon any property which is rezoned at the request of the owner or their agent to allow any use more intensive than the use for which such property qualifies for special assessment.
(b) As set forth in Section 58.1-3237 of the Code of Virginia of 1950, the roll-back tax shall be equal to the sum of the deferred tax for each of the five most recent complete tax years including simple interest on such roll-back taxes at a rate set by the governing body, no greater than the rate applicable to delinquent taxes in such locality pursuant to § 58.1-3916 for each of the tax years. The deferred tax for each year shall be equal to the difference between the tax levied and the tax that would have been levied based on the fair market value assessment of the real estate for that year. In addition, the taxes for the current year shall be extended on the basis of fair market value which may be accomplished by means of a supplemental assessment based upon the difference between the use value and the fair market value.
(c) Parcels receiving additional deferral in accordance with Chapter 848.04 shall be subject to roll-back tax equal to the sum of the deferral tax from the effective date of the written agreement including simple interest on such roll-back taxes or five years, whichever is greater pursuant to Section 58.1-3237(C) of the Code of Virginia of 1950.
(Ord. 87-07. Passed 6-15-87; Ord. 12-16. Passed 12-5-12; Ord. 23-04. Passed 2-7-23.)