Section 27-31-50.1 - Provision of partial ad valorem tax exemptions by counties and municipalities on land used for nonresidential purposes that is converted to residential use(1) The board of supervisors of a county and/or the governing authorities of a municipality may provide partial ad valorem tax exemptions on land used for nonresidential purposes that is converted to a residential use as provided in this section.(2) For nonresidential use property that is converted to residential use, the board of supervisors of a county and/or the governing authorities of a municipality may exempt the assessed value of the property in an amount equal to the difference between the assessed value of the property for residential use and the assessed value of the property for nonresidential use. The exemption authorized to be granted under this section shall end at such time as the property is occupied by a homeowner; however, if the property consists of a number of parcels upon which residences are being constructed, the exemption shall continue for each parcel until the residence constructed upon the parcel is occupied by a homeowner.(3) Any request for an exemption under this section shall be in writing and contain such information about the property for which the exemption is being requested as the board of supervisors of the county or the governing authorities of the municipality may require. The granting of the exemption shall be recorded in the minutes of the board of supervisors of the county and the governing authorities of the municipality.Added by Laws, 2022, ch. 495, HB 1108,§ 4, eff. 7/1/2022.