(1) The value of the interest held by a federal public entity, a public body, or a qualifying private organization is exempt from property taxation.
(2) Expiration of an environmental control easement granted for a term of years may not result in a reassessment of the land for property tax purposes if the easement is renewed and the granting instrument reflecting the renewed easement is executed and properly filed not later than 15 days after the date of expiration.