Sec. 7. A local income tax council may repeal or amend an exemption ordinance. However, if a local income tax council repeals or amends an exemption ordinance,
any new personal property that was exempt under the exemption ordinance on the date
the new personal property was placed into service by a taxpayer remains exempt from
property taxation, regardless of whether or not the ownership of the new personal
property changes after the date the exemption ordinance is amended or repealed.
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