§ 44-4.1-6 - Forfeiture.
SECTION 44-4.1-6
§ 44-4.1-6 Forfeiture. – In the event of the failure of the owner to keep the property nondepreciable orto maintain the property according to the commission's guidelines during theperiod of the tax reduction, the owner forfeits the property tax reductionretroactive to the date the reduction commenced. All differences in the amountof taxes that were paid and those that would have been due but for thereduction are payable together with interest of twelve percent (12%) per annumfrom the dates that the payments would have been due and are a lien against thehistoric residence. If the property is transferred to a new owner within theperiod that the tax reduction applies, the tax reduction shall cease, and notbe applied to the new owner.