The text
Applications for exemption shall be filed hereunder at the times and in the manner as set forth in sections 74-36 and 74-41. Such exemption shall take effect and be applied to the taxes assessed as of December 31 of the year preceding the date of filing. The first exemptions granted under this article shall apply to taxes assessed as of December 31, 1976.
(Code 1971, § 21-23)