The tax exemption shall be in an amount equal to the increase in the assessed value of the residential structure as a result of its rehabilitation, as determined by the Commissioner of the Revenue, and only such amount shall be applicable to a subsequent assessment or reassessment. Nothing in this section shall be construed to permit the Commissioner to list upon the Land Book any reduced value for such structure due to such exemption.
(Ord. 84-01. Passed 1-17-84; Ord. 01-03. Passed 5-21-01.)