Sec. 780.505. - Annual application and limit on amount of reduction.

Such a reduction in assessment may be granted only upon an application filed annually with the property appraiser. The application must be made before March 1 of the year for which the reduction is to be granted. If the property appraiser is satisfied that the property is entitled to a reduction in assessment under this Part 5, the property appraiser shall approve the application, and the value of such residential improvements shall be excluded from the value of the property for purposes of ad valorem taxation. The value excluded may not exceed the lesser of the following: (a) The increase in assessed value resulting from construction or reconstruction of the property; or (b) Twenty percent of the total assessed value of the property as improved. (Ord. 2003-599-E, § 2)