(1) A taxpayer who encumbers their property with a perpetual recreational trail easement may apply for a property tax exemption for the portion of the property which has been encumbered with the easement as provided in section 77-202.01. The forms for such applications shall be prescribed as provided in section 77-202.05. (2) Upon approval of the application for the exemption, the portion of the property encumbered with a perpetual recreational trail easement shall remain exempt from property taxes without requiring reapplication for the exemption until the property is no longer encumbered with a perpetual recreational trail easement.
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