The assessor of the taxing jurisdiction may require in writing that a taxpayer answer in writing all reasonable inquiries as to the property for which exemption is requested.__A taxpayer has 30 days from receipt of such an inquiry to respond.__The answer to any such inquiry is not binding on the assessor.

Upon written request, a taxpayer is entitled as a matter of right to a 30-day extension of any deadline imposed by this subsection and an additional extension of up to 60 days for good cause.

Failure to comply with the provisions of this subsection on a timely basis, including any extensions of time, results in a penalty equal to $25,000 or 10% of the taxes that would be imposed on the exempt property in the absence of the exemption, whichever is less, as long as the taxpayer complies with the provisions of this subsection by the October 1st following the April 1st exemption date or by the municipality's tax commitment date, whichever is earlier.__The penalty amount is treated as property taxes and must be paid to the municipality as such.__The assessor shall waive the penalty for good cause.__A failure to comply with the provisions of this subsection by the October 1st following the April 1st exemption date disqualifies the property involved from exemption for that tax year.__All notices and requests provided pursuant to this subsection must conspicuously state the consequences of the taxpayer's failure to respond to the notice or request in a timely manner.

If an exemption has already been granted and the State Tax Assessor then determines that the property is not entitled to exemption, a supplemental assessment must be made within 3 years of the original assessment date with respect to the property in compliance with section 713, without regard to the limitations contained in that section regarding the justification necessary for a supplemental assessment.

5.__Local review.__Reports properly filed pursuant to subsection 4 must be reviewed by the assessor with whom they are filed.__A taxing jurisdiction is not entitled to state