Such exemption shall be granted only upon application by the
owner of such real property on a form prescribed by the Commissioner.
Such application shall be filed with the Assessor on or before the
appropriate taxable status date and within one year after the date
of completion of such reconstruction, alteration or improvement.
If satisfied that the applicant is entitled to an exemption
pursuant to this section, the Assessor shall approve the application
and such building shall thereafter be exempt from taxation and special
ad valorem levies as provided in this section commencing with the
assessment roll prepared on the basis of the appropriate taxable status
date. The Assessor shall enter the assessed value of any exemption
granted pursuant to this section on the assessment roll for the taxable
property, with the amount of the exemption shown in a separate column.
In the event that real property granted an exemption pursuant
to this section ceases to be used primarily for eligible purposes,
the exemption granted pursuant to this section shall cease.