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Zi <br /> ' _ -yrb:•. ��,. - - __ :P x'4-',9:".. - <br /> necessitates administrative procedures to recoup assessment <br /> when farmland is converted to non-farm use <br /> possible permanent loss of assessment if no conversion over <br /> specified period of time <br /> 3. Immediate reapplication for present-use value taxation not subject to <br /> the three year roll-back period if the farm is sold to another <br /> individual for farm use. <br /> ADVANTAGES: <br /> no loss of tax benefits to individual purchasing property for farm <br /> use as long as tract. meets eligibility criteria <br /> possible incentive to sale of farm for continued farm use by another <br /> owner . <br /> DISADVANTAGES: <br /> loss of tax revenue recovered through roll-back period <br /> possible negative impact on family farm through extension of benefits <br /> to commercial and, non-family farm operations <br /> 4. Exemption of new farm structures from property tax assessment <br /> ADVANTAGES: <br /> tax benefit for farmers desiring to upgrade or expand operations <br /> possible incentive to upgrading or expansion of farm operations <br /> DISADVANTAGES: <br /> may result in benefits for farms most able to expand and upgrade <br /> no benefits for farmers not planning to upgrade or expand <br /> loss in tax revenues will likely be recovered through taxation of <br /> non-farm property <br /> 5. Waiver of penalty for a bona fide farm tract which is voluntarily <br /> withdrawn from the program in the case of a natural disaster <br /> ADVANTAGES: t <br /> minimizes additional financial pressures on farmer experiencing <br /> financial pressures due to natural disaster <br />