(1) A person commits the offense of arson in the third degree if the person intentionally or knowingly sets fire to or causes to be burned property and:
(a) Negligently places another person in danger of death or bodily injury; or
(b) Knowingly or recklessly damages the property of another, without the other's consent, in an amount exceeding $500.
(2) Arson in the third degree is a class C felony.