When land becomes ineligible for farmland assessment (such as when it is developed or goes into non-use), the owner becomes subject to what is known as a rollback tax. The rollback tax is the difference between the taxes paid while on greenbelt and the taxes which would have been paid had the property been assessed at market value. In determining the amount of rollback tax due, a maximum of five years in question will be applied to determine the tax amount.
ROLLBACK TAXES ARE DUE AND PAYABLE WITHIN 30 DAYS AFTER NOTIFICATION. IF NOT PAID ON TIME, TOTAL ROLLBACK TAXES WILL BE SUBJECT TO THE GREATER OF $10 OR 2% PENALTY, WHICHEVER IS GREATER, UNDER SECTION 59-2-506, UCA 1953.