(A) The Property Valuation Administrator (PVA) and the administering agency shall maintain a record of all applications for a property assessment or reassessment moratorium. The PVA shall assess or reassess the property within 30 days of receipt of the application. This assessment shall be the value which shall not be adjusted for a period of five years once a moratorium is issued by this program.
(B) The applicant shall have two years in which to complete the improvements described in its application unless granted an extension by the administering agency. In no case shall the application be extended beyond two additional years. This provision shall not preclude normal reassessment of the property.
(C) Any application not acted upon by the applicant shall become void two years from the date of application and shall be purged from the files of the administering agency.
(D) On the assessment date next following the expiration, cancellation, or revocation of an assessment or reassessment moratorium, the property shall be assessed on the basis of its full fair cash value.
(Ord. 2020-36, passed 11-17-20)