Two million five hundred thousand dollars of the full and true value of the total amount of real property or portion of real property owned by a local industrial development corporation, defined pursuant to § 5-14-23 , is exempt from property taxation. The full and true value of the real property that is in excess of two million five hundred thousand dollars shall be taxed as other real property of the same class is taxed. No real property which is leased to an entity not otherwise exempt from property taxes, pursuant to chapter 10-4 , may receive a property tax exemption pursuant to this section. No real property located in a tax increment financing district, created pursuant to chapter 11-9 , may receive a property tax exemption pursuant to this section.
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