Limitations on the Exemption
Property Tax Rule 631 prohibits giving the
exemption on land
– does not differentiate between improved land and
unimproved land
– “improvements to land” (defined in 63-201(11)) do
qualify – these are buildings and structures
Property Tax Rule 509 requires that the
exemption be shown on the abstract
Statute limits the exemption to newly built or
added improvements, not purchases of existing
buildings.
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