A. Any tax exemption or deferral granted under this chapter and Chapter 8.12 FNSBC shall be subject to annual review by the Borough Assessor to ensure that the ownership and use of the property and any other qualifying criteria for the tax exemption or deferral continue to exist. Information justifying the continued exemption or deferral shall be submitted annually to the Borough Assessor at the same time the review fee required under FNSBC 8.08.020(B) is due. If the Borough Assessor determines that the property no longer qualifies for an exemption or deferral under this chapter and Chapter 8.12 FNSBC, the Assessor’s determination may be reversed by a majority vote of the Assembly.

B. Upon the failure of any entity to fully and timely pay the taxes due as may be required by any Borough ordinance or to provide reports or other information requested by the Borough Assessor and reasonably necessary for the implementation of this chapter and Chapter 8.12 FNSBC, the Borough Assessor shall immediately revoke and not renew any exemptions or deferrals under this chapter and Chapter 8.12 FNSBC to which such entity would otherwise be entitled and shall require immediate payment of the pro-rata share of taxes thereby due for any portion of the year remaining and any previously deferred taxes. (Ord. 2005-62 § 5, 2005; Ord. 2005-23 § 2, 2005. 2004 Code § 3.10.060.)