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<br /> <br /> <br /> <br /> <br /> <br /> intestacy and does not petition the director to <br /> continue the dedication as provided in section <br /> 19-58.1 [(f)](c)(1)(A). <br /> (B) The dedicated property is jointly owned by spouses <br /> and upon the death of one spouse, ownership is <br /> transferred to the surviving spouse, and the <br /> surviving spouse does not petition the director to <br /> continue the dedication as provided in section <br /> 19-5 8.1 [(f)](c)(1)(B). <br /> (C) The property is wholly or partially destroyed or <br /> damaged as a result of fire, seismic or tidal wave, <br /> volcanic eruption, earthquake, flood waters and <br /> wind or rain storm. <br /> The owner may cancel the dedication for the reasons <br /> enumerated in paragraph (2)(C) by submitting written notice of the <br /> cancellation within sixty days of the damage or destruction. <br /> Cancellations shall become effective July 1 of the next tax year, <br /> and the property shall be assessed in accordance with section <br /> 19-53(a). <br /> [(g)]fAJThe director shall prescribe the form of the petition. [T-he-petitie n <br /> shall be filed w414 !he direeter by September 1 of any ealeiidar- ye <br /> and shall h `Ler- disapproved by neeembef 15 of that year. <br /> J <br /> F . 7 .7ete...,,ining the assessed value, the market <br /> value shall h d ned eR red : eetien 19 53(a) The <br /> owner may appeal any disapproved petition or eaneellation o <br /> dedisation. aq in the case of an appeal ffefn an assessmen <br /> (i) The el" .,1.:..h Effe presently under aten «,l,.,lie tieB <br /> period will eentinue their exisfing deffieations unless a neA <br /> appheation for the five or ten year dedioation is fliade pufstiant to <br /> uhi and. feeeived h h di-eeter by September 1 of the ),ear <br /> (e)*e`tttiris 1t1~lsatierll will not be accepted. Section 19-58.1 <br /> shall be repealed upon the final participant in the nonspeculative <br /> residential use program being converted as provided in paragraph <br /> 19-53(g). <br /> <br /> Section 19-58.2. Nonspeculative residential use assessment. <br /> Properties approved by the director for dedication to <br /> nonspeculative residential use shall be assessed for real property tax <br /> purposes in the following manner: <br /> (a) Property, approved for nonspeculative residential use dedication, <br /> shall be assessed for real property tax valuation purposes on its <br /> market value as of the assessment date January 1 of the calendar <br /> year following the petition approval. This assessment shall be <br /> <br /> <br /> <br /> 5 <br />