What does the farmland assessment act require regarding rollback taxes?

The Farmland Assessment Act specifically includes provisions regarding rollback taxes, which are assessed when a property that had been receiving farmland assessment is converted to a non-farm use. The act requires that the original omitted assessment procedure be followed for calculating and collecting these rollback taxes. This ensures that property taxes reflect the property's fair market value based on its use prior to the change, rather than its assessed farmland value.

To further clarify, the original omitted assessment procedure allows assessors to calculate any tax liability based on the difference between the previous farmland assessment and the higher market value that applies after the land is no longer being used for farming. This systematic approach ensures a fair adjustment and avoids arbitrary increases in taxation. The other options do not align with the specific requirements set forth by the Farmland Assessment Act regarding rollback taxes.