For taxes levied after December 31, 2015, subject to section 4, transitional qualified forest property is exempt from ad valorem property taxes collected under the general property tax act, 1893 PA 206, MCL 211.1 to 211.155, as provided under section 7vv of the general property tax act, 1893 PA 206, MCL 211.7vv, for a period not to exceed 5 years.