From the 1970s to 1991, the Sebring Airport Authority operated the annual "Twelve Hours of Sebring" race on property it still owns. In 1991, the Authority entered into a lease agreement with a for-profit corporation, the Sebring International Raceway, to run the race. The Raceway sought and was denied a property tax exemption on its leasehold. The denial was affirmed by the Florida Supreme Court in 1994. The legislature then passed a new law authorizing a property tax exemption for leaseholds of this type. But the Raceway again was denied an exemption. The trial judge and Second District Court held the exemption unconstitutional. The Raceway appeals