If a building or structure containing a nonconforming use, or a building or structure otherwise nonconforming, is by any means or cause damaged or destroyed to the extent of 50% or more of its fair market value immediately before the damage or destruction, the building, structure or reconstruction thereof shall thereafter be occupied and used only for a conforming use or otherwise in conformity with the regulations applicable to the district in which the same is located. In the event that the damage or destruction is less than 50%, no repairs or reconstruction shall be made unless the reconstruction is started within one year from the date of the partial destruction and is diligently prosecuted to completion. A building or structure shall be considered damaged or destroyed to the extent of 50% or more of its fair market value immediately before the damage or destruction if the costs of the reconstruction is 50% or more of the fair market value, basing the fair market value solely on the real property tax assessment of the building or structure for the assessment period most recently available.
(1980 Code, § 29.801) Penalty, see § 162.999