Section 40-63-05 - Property tax exemptions1. 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.Amended by S.L. 2023, ch. 369 (SB 2391),§ 4, eff. 7/1/2023.