Any person failing to report properly any change in use of property for which an application
for use value taxation has been filed shall be liable for all such taxes, in such
amounts and at such times as if he had complied herewith and assessments had been
properly made, and he shall be liable for a penalty equal to one percent of the tax
which would have been assessed on the property had it been properly valued. Should
the tax and penalty not be paid within 30 days of the date the assessor informs the
person that he is liable for the tax and penalty, an interest penalty on the total
amount owned shall be levied at a rate equal to the rate applicable to other delinquent
taxes in the city. Any person making a material misstatement of fact in any application
shall be liable for all such taxes, in such amounts and at such times as if such property
had been assessed on the basis of fair market value as applied to other real estate
in the city, together with interest and penalties thereon applicable to other delinquent
taxes in the city, and he shall be further assessed with an additional penalty of
100 percent of any unpaid taxes. (Code 1963, Sec. 36-83.13)
