(1) Class ten property includes all forest lands, as defined in 15-44-102, and property described in subsection (2).
(2) Any parcel of growing timber totaling less than 15 acres qualifies as class ten property if, in a prior year, the parcel totaled 15 acres or more and qualified as forest land but the number of acres was reduced to less than 15 acres for a public use described in 70-30-102 by the federal government, the state, a county, or a municipality and, since that reduction in acres, the parcel has not been further divided.
(3) Class ten property is taxed at:
(a) 0.29% of its forest productivity value in tax year 2023;
(b) 0.27% of its forest productivity value in tax year 2024; and
(c) 0.37% of its forest productivity value in tax years after 2024.