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(2) Those properties dedicated to nonspeculative residential use as <br />of January 1, 2004 may [Eeatiraie] terminate the dedication <br />without imposition of retroactive taxes upon filing and <br />approval of petition for such termination with the director of <br />finance by September 1, 2009 [^r«"° ..°°_ r "°,°, ^^',..°^' <br />^4orz =is-sew=]. Upon termination of the dedication these <br />properties shall be assessed at the market value and subject to <br />section 19-53(g)(1). <br />(3) Those properties dedicated to nonspeculative residential use as <br />of January 1, 2004 may continue the dedication and upon <br />termination of the dedication period the parcel shall be <br />assessed at the market value and the year following the <br />termination be subject to section 19-53(g)(1) unless the <br />dedication is renewed as provided in section 19-58.1. <br />(4) Those properties dedicated to nonspeculative residential use as <br />of the effective date of this ordinance may terminate the <br />dedication without the imposition of retroactive taxes upon <br />filin and approval of petition for termination of dedication <br />with the director of finance b~September 1, 2009. <br />For properties with an effective date of dedication <br />prior to Julv 1, 2005, or renewals after Julv 1, 2005, the <br />assessed value shall be the market value at January 1, 2004 <br />and increased compounded annually by three percent; and for <br />properties with an effective date of dedication after.July 1, <br />2005, the assessed value shall be the market value at the <br />effective date of dedication and increased compounded <br />annually by three percent as set in the table below rounded to <br />the nearest hundred dollars of assessed value: <br />Effective Date of Market Value at Assessed Value <br />Dedication Multiplier <br />Prior to Julv 1, 2005 January 1`, 2004 1.1941 <br />July 1, 2005 January 1, 2005 1.1593 <br />July 1, 2006 January 1, 2006 1.1255 <br />July 1, 2007 January 1, 2007 1.0927 <br />July 1, 2008 January 1, 2008 1.0609 <br />(5) Para ra hs 19-53(8)(2), (3), (4) and (5) shall be repealed upon <br />the final participant in the nonspeculative residential use <br />program being converted as provided above." <br />2 <br />