(1) The following penalties shall be imposed on any person who willfully files information required under ss. 197.303-197.3047 which is incorrect:
(a) The person shall pay the total amount of taxes and interest deferred, which amount shall immediately become due;
(b) The person shall be disqualified from filing a tax deferral application for the next 3 years; and
(c) The person shall pay a penalty of 25 percent of the total amount of taxes and interest deferred.
(2) Any person against whom the penalties prescribed in this section have been imposed may appeal the penalties imposed to the value adjustment board within 30 days after the penalties are imposed.