§ 33-3. VALUATION.

The assessor's full and true value of improvements to a property granted approval for exemption pursuant to this Chapter, shall not be assessed as increasing the value of such property for a period of five (5) years after the completion of such improvements(s), notwithstanding that the value of the property to which the improvements are made is increased thereby.

In no event shall the assessment on the property granted the exemption be less than the assessment existing immediately prior to the construction of the improvement(s), unless the structure(s) on the property has incurred damage through action of the elements sufficient to warrant reduction or the prior assessment is contested in accordance with the remedies provided by law.

(Ord. #424-95, § 1)