10-4-8.1. Local industrial development corporation property exempt from taxation--Limitation. Seven hundred fifty thousand dollars of the full and true value of the total amount of real property or portion thereof 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 seven hundred fifty thousand dollars shall be taxed as other property of the same class is taxed. No real property located in a tax incremental district, created pursuant to chapter 11-9, may receive a property tax exemption pursuant to this section.