This article
adopts each of the provisions of the exemption set forth in that provision,
now or as hereinafter amended, specifically as it relates to the partial
exemption from real property taxation for the cost of certain improvements
which converts a multiple dwelling to a single-family dwelling, or
to any owner-occupied multiple dwelling that is reduced to, at most,
two dwelling units, for a prorated period of seven years.
Such exemption
shall be granted only upon application by the owner or all of the
owners of the real property on a form prescribed and made available
by the Assessor. The applicant shall furnish such information as the
Assessor shall require, and shall file the same with the Assessor
of the City on or before the taxable status date of the City.
If the Assessor is satisfied that the proposed conversion is entitled to an exemption pursuant to this section, the Assessor shall approve the application and enter the taxable assessed value of the parcel for which an exemption has been granted pursuant to this section on the assessment roll with the taxable property, with the amount of the exemption as determined pursuant to the provisions of Subsection A of this section in a separate column. Once granted, the exemption shall continue on the real property as set forth in state statute until such exemption either ceases in accordance with the statute, or the property no longer complies with the exemption status by change of use.