Residential development area exemption.

Notwithstanding the schedules provided for in section 404.3 , all qualified real estate assessed as residential property, excluding property classified as residential property under section 441.21, subsection 14 , paragraph “a” , subparagraph (6), in an area designated under section 404.1, subsection 5 , is eligible to receive an exemption from taxation on the first seventy-five thousand dollars of actual value added by the improvements. The exemption is for a period of five years. 97 Acts, ch 214, §11 ; 2021 Acts, ch 20, §6, 14, 15 Referred to in §404.3 , 419.17 2021 amendment applies to assessment years beginning on or after January 1, 2022; 2021 Acts, ch 20, §15