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or owners request withdrawal of the land from the classification in | | writing, the assessor shall remove the classification. |
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| | | §1148.__Recapture penalty |
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| | | 1.__Assessor determination; owner request.__If the assessor | | determines that land subject to this subchapter no longer meets | | the requirements of this subchapter, the assessor must withdraw | | the land from taxation under this subchapter.__The owner or | | owners of land subject to this subchapter may at any time request | | withdrawal of any land from taxation under this subchapter by | | certifying in writing to the assessor that the land is no longer | | to be classified under this subchapter. |
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| | | 2.__Withdrawal of portion.__In the case of withdrawal of a | | portion of the working waterfront land, the owner or owners, as a | | condition of withdrawal, shall file with the assessor a schedule | | including the information required under section 1147, subsection | | 1 showing the area withdrawn and the area remaining under this | | subchapter. |
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| | | 3.__Penalty.__If land is withdrawn from taxation under this | | subchapter, the assessor shall impose a penalty upon the owner or | | owners.__The penalty is the greater of: |
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| | | A.__An amount equal to the taxes that would have been | | assessed on the first day of April for the 5 tax years, or | | any lesser number of tax years starting with the year in | | which the property was first classified, preceding such | | withdrawal had such real estate been assessed in each of | | those years at its just value on the date of withdrawal less | | all taxes paid on that real estate over the preceding 5 | | years, and interest at the prevailing municipal rate from | | the date or dates on which those amounts would have been | | payable; and |
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| | | B.__An amount computed by multiplying the amount, if any, by | | which the fair market value of the real estate on the date | | of withdrawal exceeds the 100% valuation of the real estate | | pursuant to this subchapter on the preceding April 1st by | | the following rates: |
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| | | (1)__If the real estate was subject to valuation under | | this subchapter for 10 years or less prior to the date | | of withdrawal, the rate is 30%; and |
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| | | (2)__If the real estate was subject to valuation under this | | subchapter for more than 10 years prior to the date of | | withdrawal, the rate is that percentage obtained by subtracting | | 1% from 30% for each full year |
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