15-6-222. Residential and commercial improvements -- percentage of value exempt. (1) The following percentage of the market value of residential property described in 15-6-134(1)(e) and (1)(f) is exempt from property taxation:
     (a) 32% for tax year 2005;
     (b) 32.6% for tax year 2006;
     (c) 33.2% for tax year 2007;
     (d) 34% for tax year 2008 and succeeding tax years.
     (2) The following percentage of the market value of commercial property described in 15-6-134(1)(g) is exempt from property taxation:
     (a) 13.8% for tax year 2005;
     (b) 14.2% for tax year 2006;
     (c) 14.6% for tax year 2007;
     (d) 15% for tax year 2008 and succeeding tax years.

     History: En. Sec. 5, Ch. 532, L. 2005.