The property assessment or reassessment moratorium shall operate as follows:
(A) Property assessment or reassessment moratoriums granted by the city pursuant to this subchapter shall be for a period of five years.
(B) The property assessment or reassessment moratorium shall become effective on the assessment date next following the issuance of a moratorium certificate by the Office of the City Clerk.
(C) The taxable assessment of property qualifying for an assessment or reassessment moratorium shall be the assessment made by the property valuation administrator within 30 days of receipt of the application as more fully set forth in the property qualifications standards as set forth by the city.
(D) Following the expiration, cancellation or revocation of an assessment or reassessment moratorium, the property shall be reassessed on the basis of its full fair cash value on the assessment date.
(E) Any property granted an assessment or reassessment moratorium may be eligible for a subsequent moratorium certificate provided that reapplication be made no sooner than three years following the expiration of the original moratorium, or any other moratorium, and provided that such property shall otherwise meet the requirements for the assessment or reassessment moratorium.
(F) Real property qualifying for an assessment or reassessment moratorium pursuant to this subchapter shall not have its fair cash value assessment changed while under the assessment or reassessment moratorium unless such moratorium expires or is otherwise canceled or revoked.
(Ord. 551, passed 6-28-94)