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pay to the treasurer within thirty days shall cause owner to <br />be liable for an additional penalty of ten percent of the <br />amount of the roll-back tax, which penalty shall be collected <br />as part of the tax. In addition to such penalty there is <br />hereby imposed interest at the rate of one-half of one <br />percent per month on the amount of roll-back tax for each <br />month or fraction thereof during which failure to pay continues. <br /> <br /> (b) Any person making a material misstatement of fact <br />in any application filed pursuant hereto shall be liable for <br />all taxes, in such amounts and at such times as if such <br />property had been assessed on the basis of fair market value <br />as applied to other real estate in the taxing jurisdiction, <br />together with interest and penalties thereon, and he shall <br />be further assessed with an additional penalty of one hundred <br />percent of such unpaid taxes. <br /> <br /> Section 35-64.7. Applicability of state law. <br /> <br /> The provisions of Title 58 of the Code of Virginia <br />applicable to local levies and real estate assessment and <br />taxation shall be applicable to assessments and taxation <br />hereunder mutatis mutandis including, without limitation, <br />provisions relating to tax liens and the correction of <br />erroneous assessments, and for such purposes the roll-back <br />taxes shall be considered to be deferred real estate taxes. <br /> <br /> 2. This ordinance shall be effective commencing with <br />· the tax year 1978-79. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held July 26, 1977. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />