§ 398-18. Duration and calculation of exemptions.

The exemptions shall run for a period of five years commencing on January 1 in the year following the year the new construction, conversion, alteration, or improvement is completed. During the five year exemption period, the assessment on the property shall not be less than the assessment thereon existing immediately prior to the completion of the construction, improvements, or conversion alterations, unless there is damage to the structure through action of the elements sufficient to warrant a reduction.