Recordation of a Plan or Plat Not To Be Used As A Basis of Assessments

3.1. The recordation of a plan or plat, or the designation of proposed land use by a county or municipal planning authority, shall not be used by the assessor as a basis of assessment except in accordance with the following requirements.

3.1.1. When a lot or parcel within the recorded plan or plat is sold the assessor or the Tax Commissioner shall revalue the sold lot at market value.

3.1.2. When a lot or parcel contained within the recorded plan or plat is first developed and used for a residential, commercial, or industrial purpose, the assessor or Tax Commissioner shall revalue the lot or parcel based upon its actual use.

3.1.3. The remaining lots within the recorded plan or plat will not in any case be revalued by the assessor or Tax Commissioner based solely on sales of other lots in the recorded plan or plat.