The Collection Center will proceed to draft a plan that will allow the continuous review of real property in order to keep it up to date, whether through modifications for depreciation due to use or any of the factors indicated in subsections (b), (c), and (d) of this section. This review must be carried out pursuant to the valuation norms in effect at the time the appraisal is reviewed.\nRegarding unappraised property, the Center, in its continuous obligation to maintain the cadastre, classification and appraisal of real estate up to date, must appraise:\n(a) All property that has not been appraised by the date of approval of this act;\n(b) all new construction;\n(c) all unappraised substantial improvements to, or reconstruction of real property that has been appraised before;\n(d) segregation and parceling pending processing on the effective date of this act, as well as those authorized thereafter.\nThe classification and appraisal of real property described in the appraisals provided by subsections (a), (b), (c) and (d) of this section shall be performed under the standards of accuracy and scientific appraisal details adopted by the Secretary of the Treasury that are being

ovided by subsections (a), (b), (c) and (d) of this section shall be performed under the standards of accuracy and scientific appraisal details adopted by the Secretary of the Treasury that are being applied and are in effect on the date of approval of this act. The regulations, rules and procedures adopted to such effects by the Secretary of the Treasury shall remain in effect and shall only be amended, repealed or substituted by the Governing Board of the Collection Center after complying with the conditions and procedures provided in § 5052 of this title. It being understood that in the case of real estate subject to timeshare or vacation club regimes under §§ 1251 et seq. of Title 31, the appraisal of said real property shall not take into consideration the timeshare or vacation club rights constituted thereon.\nThe levy, notice and collection of taxes corresponding to the property indicated in subsections (a) and (b) of this section, shall only be retroactive for five (5) years from the date said property was appraised.\nIn the case of the properties indicated in subsection (c) which constitute the taxpayer’s main residence, the levy, notice and collection of the

(5) years from the date said property was appraised.\nIn the case of the properties indicated in subsection (c) which constitute the taxpayer’s main residence, the levy, notice and collection of the corresponding tax shall be prospective from the date the appraisal is performed.\nHistory —Aug. 30, 1991, No. 83, § 3.08; July 17, 1998, No. 128, § 1.