A. If property that is classified as historic property becomes disqualified for that classification, a penalty shall be added to the tax levied against the property on the next tax roll equal to the lesser of:

1. 1. Fifty per cent of the total amount by which property taxes on the property were reduced during the years the property had been classified as historic property.
2. 2. Fifty per cent of the market value of the property.

B. If property that is classified as historic property becomes disqualified for that classification and the owner fails to give the notice required by section 42-12106, subsection B:

1. 1. The county assessor shall determine the date that the notice should have been given and shall notify the owner and the county treasurer.
2. 2. The treasurer shall add to the tax levied against the property on the next tax roll in addition to the penalty prescribed by subsection A of this section an amount equal to fifteen per cent of that penalty. The treasurer shall deposit monies collected pursuant to this paragraph in the taxpayers' information fund established by section 11-495.

D. A penalty shall not be imposed under this section:

1. 1. On the sale or transfer of the property to an ownership that makes the property exempt from taxation.
2. 2. If the historic property is destroyed by fire or act of God unless the fire was the result of an intentional act by the owner or by an agent of the owner acting on the owner's behalf.

F. The penalties prescribed by this section apply only to:

1. 1. The current fifteen year assessment period with respect to noncommercial historic property.
2. 2. The current ten year assessment period with respect to commercial historic property.