(A) A member has the option of applying for a new appraisal by a certified appraiser, who will then establish a new appraised valuation date. The new appraised valuation shall be subject to the following conditions:
(1) Coverage for the new appraised valuation shall not commence until five years have elapsed from the new appraised valuation date;
(2) All former appraised valuations shall remain in full force and shall be unaffected in any way by the new appraised valuation;
(3) The application fee for the new appraisal shall be the standard application for appraisal fee then being charged by the CRC and shall be paid by the applicant; and
(4) The new appraised valuation shall be subject to all of the conditions, stipulations and provisions of this chapter.
(B) The member will be issued a new certificate of participation which will state the new appraised valuation and the new appraised valuation date.
(C) Requests for a new appraised valuation and appraised valuation date shall be initiated by a member no more than once within any 12-month period.
(Ord. 96-37, passed 10-8-1996)