Sec. 7. Except as otherwise provided in this chapter, if an application is approved by resolution of the district board and by resolution of the fiscal body of the municipality under section 6 of this chapter, the owner of the eligible vacant building is entitled to a deduction from the assessed value of the building if the property owner or a tenant of the property owner occupies the eligible vacant building and uses it for commercial or industrial purposes. The property owner is entitled to the deduction:
(1) for the first year in which the property owner or a tenant of the property owner occupies the eligible vacant building and uses it for commercial or industrial purposes; and
(2) for subsequent years determined in the abatement schedule under section 8 of this chapter in which the property owner or a tenant of the property owner occupies the eligible vacant building and uses it for commercial or industrial purposes.