§ 40-63-05 — Property tax exemptions

1. A municipality may grant a partial or complete exemption from ad valorem taxation on
single-family residential property, exclusive of the land on which it is situated, if the
property was purchased or rehabilitated by an individual for the individual's primary
place of residence as a zone project. An exemption granted under this subsection may
not extend beyond eight taxable years following the date of acquisition or completion
of rehabilitation.
2. A municipality may grant a partial or complete exemption from ad valorem taxation on
buildings, structures, fixtures, and improvements purchased or rehabilitated as a zone
project for any business or investment purpose. The state board of equalization may
grant a partial or complete exemption from ad valorem taxation on public utility
infrastructure rehabilitated as a zone project. An exemption under this subsection may
not extend beyond eight taxable years following the date of purchase or completion of
rehabilitation.