Deletes the authority of nonprofit fair associations to receive funds from the horse racing commission. Except for nonprofit fair associations having property valued at more than $15 million, the real and personal property of a nonprofit fair association that is eligible to receive support from the fair fund is exempt from taxation. The exemption from taxation is for real and personal property previously owned by a city. When this property is acquired by a nonprofit fair association and used for fair purposes by the association, if the majority of the property was acquired from a county or city between 1995 and 1998, the exemption applies. The requirement that the property must have been used for fair purposes by the city is removed. This exemption will end for taxes levied for collection in 2019 and thereafter. An intent section is added.