(1) The following penalties shall be imposed on any person who willfully files information required under this section which is incorrect:
(a) The person shall pay the total amount of deferred taxes, non-ad valorem assessments, and interest which 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, non-ad valorem assessments, and interest deferred.
(2) Any person against whom penalties have been imposed may appeal to the value adjustment board within 30 days after the date the penalties were imposed.