All credits for and exemptions from property taxes for which an application is required shall be granted on the basis of eligibility in the fiscal year for which the application is filed. Ifthe property which has received a credit or exemption becomes ineligible for the credit or exemption during the fiscal year for which itwas granted, the property issubject to the taxes ina prorated amount for that part of the fiscalyear for which the property was ineligible for the credit or exemption.
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