As stated in 929.02 (D) of the Ohio Revised Code:

1. If the owner's action also disqualifies the owner's land for any tax savings that it had been receiving under sections 5713.30 to 5713.38 of the Revised Code [Current agricultural Use Value Exemption], the owner shall pay a percentage of the amount charged under section 5713.34 [recoupment of tax savings on converted lands] of the Revised Code that is equal to the average bank prime rate at the time the amount charged under that section is required to be paid.  The withdrawal penalty shall be in addition to the amount charged under that section.

2. If the land had not been receiving any tax savings under those sections, or if the owner's action does not disqualify the land for tax savings under them, the owner shall pay a percentage of the amount that would have been charged (under section 5713.34 [recoupment of tax savings on converted lands] of the Revised Code) if the owner's land had been receiving tax savings and became disqualified for them in an amount that is equal to the average band prime rate at the time the amount that would have been charged under that section would have been required to be paid.

The county Auditor shall calculate the amount of the withdrawal penalty that is due and shall notify the owner of it.

Early withdrawal means that all assessments that were deferred during the period the land was included in an agricultural district are immediately collectible.

The county Auditor approves or disapproves applications for land that is outside a municipality. 

In the case of land within a municipality, the city or village must also approve, modify or reject the application within 30 days after a public hearing on the application (call your county Auditor for more information).

If the owner did not sign a petition favoring annexation, or vote for the annexation, the land remains in the agricultural district, even through future application renewals.

However, if the owner either signs a petition favoring annexation or votes for annexation, or if the owner who opposed annexation has sold or transferred the land to another person who is keeping the land in the agricultural district, that land shall be subject to the rules pertaining to applications for land that is within a municipal corporation (Ohio Revised Code 929.02 [B]).

A renewal application may be filed anytime after the first Monday in January and prior to the first Monday in March of the year during which the agricultural district terminates.  The renewal period ends on the first Monday in April of the fifth (5th) year following the renewal application.  There is no penalty for not renewing an agricultural district filing.