Any person desiring tax exemption pursuant to ordinances or resolutions adopted pursuant
to this article, shall notify each local taxing authority granting such exemption
in writing on a form provided by it submitted at the time he secures the building
permit, or if no building permit or other notification of improvement is required,
at the time he commences construction. A copy of the exemption request shall be forwarded to the board of assessment and
revision of taxes or other appropriate assessment agency. The assessment agency shall, after completion of the improvement, assess separately
the improvement and calculate the amounts of the assessment eligible for tax exemption
in accordance with the limits established by the local taxing authorities and notify
the taxpayer and the taxing authorities of the reassessment and amounts of the assessment
eligible for exemption. Appeals from the reassessment and the amounts eligible for the exemption may be
taken by the taxpayer or the local taxing authorities as provided by law.
The cost of improvements per dwelling unit to be exempted and the schedule of taxes
exempted existing at the time of the initial request for tax exemption shall be applicable
to that exemption request, and subsequent amendments to the ordinance, if any, shall
not apply to requests initiated prior to their adoption.
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