§ 48-110. Deferred assessments.

(a)

In the case of assessment for property zoned for residential use where said parcel contains a residential use and excess land as herein defined, the assessment shall be deferred to the extent that said excess property exceeds by more than one hundred (100) percent the size of the smallest lot permitted in the lowest density residential zone of the City until such excess land shall be built upon, be subdivided or until a building permit for construction on said excess land shall be issued, whichever shall first occur.

(b)

No lien for payment shall be filed on property for which a deferral of assessment is required hereunder, but the City Council shall cause the Tax Collector on its behalf to place a caveat on the land records as to all land for which an assessment of benefits has been deferred hereunder.

(Code 1961, § 21-66; Ord. No. 238, § 1(c), (k), 10-3-1978)