42-12159. Restoration of agricultural classification and valuation; refund

A. A county assessor may reclassify real property as class two pursuant to section 42-12002 and this article under the following conditions:

1. The current owner previously held title to the property but sold the property before September 1, 1989.

2. Title to the property has reverted to the current owner involuntarily, or voluntarily in lieu of foreclosure or forfeiture, from the buyer or a successor in title, and the current owner did not receive a notice of valuation for the tax year in question.

3. The former owner of the property failed to apply for classification of the property as used for agricultural purposes pursuant to this article or prior law and failed to appeal the denial of agricultural status during the property tax appeal period for the tax year in question.

4. The property met the requirements prescribed by section 42-12152, subsection A.

5. The current reversionary owner of the property applies to the county assessor for reclassification and revaluation within four years after the date the property was reverted.

B. If the applicant submits a complete, correct and timely application under subsection A of this section, together with a sworn statement, under penalty of perjury, that the information contained in the application is true according to the applicant's best belief and knowledge and if the county assessor is satisfied that the property meets the requirements prescribed by subsection A of this section, the assessor shall:

1. Reclassify the property as class two under section 42-12002.

2. Redetermine the valuation of the property for the tax year in question pursuant to this article.

3. Issue a certificate of revaluation to the applicant.

C. The owner shall submit the certificate of revaluation to the county treasurer. After receiving the certificate, the county treasurer shall refund any taxes paid by the current owner with respect to the property for the tax year in question in excess of the taxes that would be due under the reclassification and revaluation, if the applicant submits proof that the applicant has paid the taxes for the tax year in question. The county treasurer is entitled to credit for the refund in the next accounting period with each taxing jurisdiction to which the tax monies may have been transmitted.