An application shall be filed with the city assessor for each project resulting in actual value added for which an exemption is claimed. The application for exemption shall be filed by the property owner by February 1 of the assessment year in which the value added is first assessed for taxation. Applications for exemption shall be made on forms prescribed by the state director of revenue and shall contain information pertaining to the nature of the improvement, its cost and other information deemed necessary by the state director of revenue or successor. (1978 Code §32.1-35; amd. 1994 Code)