Section 54
SEC. 54. Declaration to be made by persons acquiring or improving real estate.&mdashIt shall be the duty of each person who at any time acquires real estate in the city, and of each person who constructs or adds to any improvements on real estate owned by him within the city, to prepare and present to the City Assessor within a period of sixty days next succeeding the completion of such acquisition, construction or addition, a sworn declaration setting forth the value of the real estate acquired or the improvement constructed or addition made by him and containing a description of such property sufficient to enable the City Assessor readily to identify the same. Any person who fails to make and present such declaration of real estate newly acquired by him within the said period of sixty days shall be deemed to have waived his right to notice of the assessment of such property and the assessment of the same in the name of its former owner shall, in all such cases, be valid binding on all persons interested, and for all purposes, as though the same had been assessed in the name of the actual owner.