2355c

(a) When real property subject to the tax exemption granted by this subchapter, is applied to a use which disqualifies it for exemption, it shall be subject to additional taxes, hereinafter referred to as 'roll-back taxes', in an amount equal to the exemption or exemptions granted for the current tax year (the year of change in use) and for such of the three tax years immediately preceding in which real property was granted the tax exemption under this subchapter. If the real property was not granted the tax exemption under this subchapter for the tax year in which the change in use occurs, then such real property shall be subject to roll-back taxes for such of the three years immediately preceding in which the real property was granted the exemption.\n(b) The collection, apportionment, and payment over the roll-back taxes imposed by subsection (a) of this section, the attachment of the real property for such taxes, and the right of an owner to have reviewed any judgment of the tax assessor affecting such roll-back taxes, shall be governed by the procedures, except time limitations, provided for the taxation of omitted real property under section 2413 of this subtitle, and

tax assessor affecting such roll-back taxes, shall be governed by the procedures, except time limitations, provided for the taxation of omitted real property under section 2413 of this subtitle, and provided for review and levy and collection set out in chapters 87 and 89 of this subtitle. Such procedures shall apply to each tax year for which roll-back taxes may be imposed.\n(c) The acquisition of real property which has been granted the tax exemption provided by this subchapter by the Government of the United States Virgin Islands or a subdivision thereof shall not subject the real property so acquired to roll-back taxes.