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(2) Provided further that, except as provided herein, retroactive
<br />taxes shall not be assessed when:
<br />(A) A person receives title to property dedicated to
<br />nonspeculative residential use by ways of testacy or
<br />intestacy and does not petition the director to continue ,
<br />the dedication as provided in section
<br />19-58.1 [(-#~]~(1)(A).
<br />(B) The dedicated property is jointly owned by spouses and
<br />upon the death of one spouse, ownership is transferred
<br />to the surviving spouse, and the surviving spouse does
<br />not petition the director to continue the dedication as
<br />provided in section 19-58.1 [(#3]~d,)(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 wind or
<br />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, and
<br />the property shall be assessed in accordance with section 19-53(a).
<br />[(g)]~e,) The director shall prescribe the form of the petition. [~~
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<br />(fl Only renewal petitions will be accepted. Section 19-58.1 shall be
<br />repealed upon the final participant in the nonspeculative residential use
<br />program being converted as provided in subsection 19-53(>;).
<br />Section 19-58.2. Nonspeculative residential use assessment.
<br />Properties approved by the director for dedication to nonspeculative
<br />residential use shall be assessed for real property tax purposes in the following
<br />manner:
<br />(a) Property, approved for nonspeculative residential use dedication, shall
<br />be assessed for real property tax valuation purposes on its market
<br />value as of the assessment date January 1 of the calendar year
<br />following the petition approval. This assessment shall be frozen for the
<br />dedication period, except for adjustments as provided for in this
<br />section.
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