§ 35.018 AMOUNTS ELIGIBLE FOR EXEMPTION.

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

   (A)   For the first year, 75%;

   (B)   For the second year, 60%;

   (C)   For the third year, 45%;

   (D)   For the fourth year, 30%; and

   (E)   For the fifth year, 15%.

(Iowa Code § 427B.3) (1999 Code, § 8.04)