Declassification of wasteland development property

Thirty days after notification to the owner by the department of finance for noncompliance of any law, ordinance, rule or regulation, the director of finance may declassify any land classified as wasteland development property. The department shall notify the owner of the declassification and in that event, the director shall cancel the special tax assessment provided in section 3.48.395 retroactive to the date that the property qualified for special tax assessment and the difference between the real property taxes that would have become due and payable, but for such classification for all the years, the land was classified as wasteland development property and the real property taxes paid by the owner during such period shall become immediately due and payable together with a five percent a year penalty from the respective dates that such additional tax would otherwise have been due. (Ord. 1076 § 3 (part), 1980: prior code § 6-1.65)