(1) A person is guilty of possessing stolen property in the first degree if he or she knowingly possesses stolen property with a verified value greater than $1,000, or knowingly possesses a stolen firearm of any value. Possessing stolen property in the first degree is a Class E offense.

(2) A person is guilty of possessing stolen property in the second degree if he or she knowingly possesses stolen property with a verified value that does not exceed $1,000. Possessing stolen property in the second degree is a Class C offense.

(3) “Stolen property” means property obtained through theft.