15-6-237. Periodic review of exempt property -- rulemaking. (1) The department shall administer a program for the review of property that is exempt from taxation under Title 15, chapter 6, part 2, as provided in this section.

(2) The review process must provide for the review of all exempt property for which an application to the department is required at least once every 8 years.

(3) The department shall report to the revenue interim committee biennially in accordance with 5-11-210 information on exempt property reviewed during the biennium, including:

(a) the number of properties reviewed;

(b) the types of exemptions reviewed;

(c) the number of exemptions granted and denied; and

(d) the estimated market value and taxable value of exemptions granted and denied.

(4) The department may adopt rules to implement the exempt property review process provided for in this section.