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Sec. 30-158. Treasurer to be furnished annual list of exemptions; contents of list. • Annually on or before April 30th in each tax year, the city assessor shall furnish to the city treasurer a list of all exemptions under this division effective as of the beginning of such tax year. Such list shall show the value of each applicable exemption, multiplied by the tax rate established for the year in question and extended to show the amount of the real estate tax on each such property to be exempted in each year. Sec. 30-159. Exemption to be credited against real estate taxes. The city treasurer shall be entitled to credit the amounts certified by the city assessor under section 30-158 against the total real estate taxes shown on the land book for the tax year in question and shall indicate the amount of each such exemption as a credit on the tax tickets of each qualifying property. Under no circumstances shall the exemption available under this division be applied to any property other than the qualifying residential real estate for which the exemption has been obtained, nor shall the exemption be applied in any calendar year to real estate taxes assessed in any other calendar year. Sec. 30-160. Administration. (a) The owner of residential real estate who seeks to obtain the exemption authorized • by this division shall apply to qualify for the exemption at the same time he applies for a building permit to rehabilitate, renovate or replace a building or structure. The application for exemption shall be filed with the city assessor. (b) Upon receipt of an application to qualify for the exemption provided by this division, the city assessor shall determine a base fair market value assessment for the building or structure prior to commencement of any improvements for which exemption is sought. The base fair market value shall be the most recent assessment of the building or structure for which the application is submitted ("base value). (c) The application to qualify for the tax exemption shall be effective until December 31 of the calendar year following the year in which the application was filed. If, by such expiration date, rehabilitation, renovation or replacement has not progressed to the point that it may be determined to be substantial, compared with the base value, and if the applicant desires to proceed, then a new application shall be filed and the city assessor shall establish a new base value. (d) All initial and subsequent applications for the partial exemption allowed by this division shall be accompanied by payment of a non-refundable fee, in the amount of fifty dollars ($50.00) for processing the application. (e) During the period an application remains pending, the owner shall remain subject • to real estate taxation upon the full assessed value of the residential real estate.