(9)__From a revocable trust described in subparagraph (8) back to the settlor or trustor or to the beneficiaries of the trust.

2.__Effect.__When there is a change in ownership:

A.__If the new owner does not apply for taxation under the program, the valuation reverts to fair market value as defined by the purchase price of the property less the resale value of the buildings located on the land or best estimate of fair market value of the land; or

B.__If the new owner applies for taxation under the program and if money changes hands during the change in ownership, the base valuation for the land subject to taxation under the program becomes the purchase price of the land or the current program assessed value under section 1133, subsection 2, whichever is larger.

§1136.__Penalty for withdrawal; evasion

1.__Penalty imposed.__When there is a change of ownership as determined under section 1135 or when a program participant opts to withdraw from the program, except when the change is occasioned by a transfer to the State or other entity holding the power of eminent domain, resulting from the exercise or threatened exercise of that power, a penalty upon the owner must be imposed that is the greater of:

A.__An amount equal to the taxes that would have been assessed on the first day of January for the 5 preceding tax years, or any lesser number of tax years starting with the year in which the land was first accepted under the program, preceding such withdrawal had that land been assessed in each of those years at its fair market value on the date of withdrawal less all taxes paid on that real estate over the preceding 5 years, and interest at the legal rate from the date or dates on which those amounts would have been payable; or

B.__An amount computed by multiplying the amount, if any, by which the fair market value of the land on the date of withdrawal exceeds the 100% program-assessed value of the land on the preceding January 1st, by the following rates: