Except as otherwise provided in section 7-43, any property classified by the vacant property review commission as an abandoned urban property as of January 1 shall be taxed as an abandoned urban property for such tax year at the rate provided in section 7-40. If a property classified as abandoned urban property is repaired, rehabilitated, or otherwise returns to productive use, the owner shall notify the vacant property review commission which shall, if it finds the property is no longer abandoned urban property, notify the division of revenue and property valuation administrator to strike the property from the list of abandoned urban properties as of the succeeding January 1.
(Ord. No. 138-2009, § 1, 7-7-09)