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Nqthing in this section shall be construed as to permit the City Assessor to list upon the Land Book any reduced value due to the exemption provided herein. No property shall be eligible for such exemption unless the appropriate building permits were acquired by the property owner or the rehabilitation indicated on the application was completed subsequent to January 1, 1984, as verified by the City Accessor. Where rehabilitation is achieved t_hrough demolition or replacement of an existing structure, the exemption provided herein shall not apply when such structure dem~olishe~ is a registered Virginia landmark or is determined by the Virginia Historic Landmark's Co~mission to contribute to ~ significance of a registered historic district. The exemption provided herein shall terminate immediately upon the conveyance of fee simple o%~ership of the property. (b) Exemption for certain contmercial os industrial real estate. For the purpose of this section, any rehabilitated commercial or industrial real estate shall be-deem, ed to have been substantially rehabilitated when a structure which is no less than twenty-five (25) years of age has been so improved as to increase the accessed value of %he structure by no less than sixty percent (60%) without increasing the total square footage of such structure by more than fifteen percent (15%). A real estate tax exemption is hereby authozize~ for such qualified property in an amount equal to ~he increase in the assessed value ~esultmng from the rehabmtltatmon of the com- mercial or industrial real estate as determined by the City Assessor, and isis amount only shall be applicable to any sub- sequent assessment or reassessment for the period'~of ten (10) years co~encing on the comp let ~~ e~hab~' 1 ~a~t~on. The owner of such rehabilitated co~ercia! or industrial real estate shall be required to file an application requesting the exemption provided by this section with the City Assessor not later than ten (10) days after obtaining the building permit for said rehabilitation. Said property owner shall also be required to pay a fee of t%~enty dollars ($20.00) to the City of Portsmouth for processing such application requesting the exemption. Nothing in this section shall be construed as to permit the City Assessor to list upon the Land Book m~y reduced value due to the exemotion provided herein. NO property shall be eligible for such exemotion unless the appropriate bni!ding perm±ts were acquired ~y the property o~ner or the rehabilitation ~ndicated on the application was co_~apleted subsequent to January 1, 1984, as verified by the City Assessor.