In addition to other obligations imposed by law, every owner of property for which
an application has been approved under this division shall revalidate the application
annually, on forms provided by the county assessor. Completed revalidation forms shall
be filed with the county assessor's office no later than November 1 of each year;
however, a revalidation form may be filed after November 1, but no later than December
5 of each tax year if a late filing fee of $25.00 is paid. Failure to revalidate an
application as provided in this section will invalidate the application and will cause
the real property described in such application to be assessed at its fair market
value for the following tax year and subsequent tax years. Owners of such real property
may submit a new application for the following year in accordance with the provisions
of this division.
(Code 1978, § 8-19.1)
