- (1) The department shall administer a program for the review of property that is exempt from taxation under Title 15, chapter 6, part 2, as provided in this section.
- (2) The review process must provide for the review of all exempt property for which an application to the department is required at least once every 8 years.
(3) The department shall report to the revenue interim committee biennially in accordance with 5-11-210 information on exempt property reviewed during the biennium, including:
- (a) the number of properties reviewed;
- (b) the types of exemptions reviewed;
- (c) the number of exemptions granted and denied; and
- (d) the estimated market value and taxable value of exemptions granted and denied.
- (4) The department may adopt rules to implement the exempt property review process provided for in this section.
History: En. Sec. 1, Ch. 14, L. 2025.