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/ <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 /> speci ied period of time <br /> -use value taxation not sub' <br /> 3. Immediate reapplication for present-use subject to <br /> the tree year roll-back period if the farm is sold to another <br /> indiv dual for farm use. <br /> ADVAN.TAG S: - <br /> • no loss of tax benefits to individual purchasing property for farm <br /> use as long as tract meets eligibility criteria <br /> • possile incentive to sale of farm for continued farm use by another <br /> owner <br /> DISADVAN AGES: <br /> . loss If tax revenue recovered through roll-back period <br /> . possi.ble 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 b' nefit for farmers desiring to upgrade or expand operations <br /> • possible incentive to upgrading or expansion of farm operations <br /> pvss�.l PE g <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 .n 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 withdrawn from the program in the case of a natural disaster 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: <br /> minimizes additional financial pressures on farmer experiencing <br /> financial pressures due to natural disaster <br />