7.04 AMOUNTS ELIGIBLE FOR EXEMPTION.

The amount of actual value added which is eligible to be exempt from taxation shall be as follows:

(Code of Iowa, Sec. 427B.3)

1.   For the first year, seventy-five percent (75%)

2.   For the second year, sixty percent (60%)

3.   For the third year, forty-five percent (45%)

4.   For the fourth year, thirty percent (30%)

5.   For the fifth year, fifteen percent (15%)