8.04 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%)