The board of supervisors may abate the taxes levied against property acquired by gift or purchase by a person or entity if the property acquired by gift or purchase was transferred to the person or entity after the deadline for filing for property tax exemption in the year in which the property was transferred and the property acquired by giftor purchase would have been exempt under section 427.1, subsection 7, 8, or 9, if the person or entity had been able to filefor exemption in a timely manner.
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