Section 40. Declaration to be made by persons acquiring or improving real estate.— It 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 in the city, to prepare and present to the city assessor within a period of sixty days next following 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 a description of such property based on the pertinent documents or plan duly approved by the corresponding authority, sufficient to enable the city assessor readily to identify the same. Any person having acquired real estate who fails to make and present the declaration herein required within the 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 and findings based on the provisions of the assessment laws shall in all such cases, be valid and binding on all persons interested, and for purposes, as though the same has been assessed in the name of its present owner.

Should the tax declaration called for herein be not filed or if filed the same is disapproved, the city assessor or his duly authorized deputies may make the tax declaration for the property and the assessor’s declarations shall be conclusive for real estate taxation.