For any real property specifically classified under subdivisions 10-6-137(5), (6), and (7), the formula adopted by the board of county commissioners must include:

(1) No more than twenty-five percent of the increased assessed value in the first or second year following the completion of construction;

(2) No more than fifty percent of the increased assessed value in the third or fourth year following the completion of construction;

(3) No more than seventy-five percent of the increased assessed value in the fifth or sixth year following the completion of construction; and

(4) One hundred percent of the increased assessed value in the seventh year following the completion of construction and each year thereafter.

During construction, the assessed value of the property may not exceed the assessed value of the property in the year preceding the beginning of construction.

The percentages stated in this section are limited to that portion of the assessed value that exceeds the property’s assessed value in the year preceding the start of construction.

Any real property receiving the benefit of a discretionary formula prior to July 1, 2022, must continue to be assessed and taxed in the manner provided for in any county or municipal resolution adopted pursuant to this chapter and in effect prior to July 1, 2022, and must continue to be subject to the provisions of §§ 10-12-44, 11-9-20, and 13-13-20.4.

Source: SL 2022, ch 29, § 2.