§ 6-1.1-10-16.5 — Nonprofit corporation property located under or adjacent to lake or reservoir

Indiana § 6-1.1-10-16.5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 10: Exemptions

Text

5. (a) This section applies to real property
located in either of the following:
(1) A county having a population of more than twenty thousand
(20,000) and less than twenty thousand four hundred (20,400).
(2) A county having a population of more than twenty-four
thousand six hundred (24,600) and less than twenty-five thousand
(25,000).
(b) A tract of real property owned by a nonprofit public benefit
corporation (as defined in IC 23-17-2-23) is exempt from property
taxation if all of the following apply:
(1) The tract is located:
(A) under a lake or reservoir; or
(B) adjacent to a lake or reservoir.
(2) The lake or reservoir under which or adjacent to which the
tract is located was formed by a dam or control structure owned
and operated by a public utility for the generation of hydroelectric
power.
(3) The public benefit corporation that owns the tract is exempt
from federal income taxation under Section 501(c)(3) of the
Internal Revenue Code and has maintained its tax exempt status
for the previous three (3) years.
(4) The public benefit corporation that owns the tract is primarily
engaged in active efforts to protect and enhance the environment
and water quality of the lake or reservoir under which or adjacent
to which the tract is located in order to facilitate the public
recreational use of the lake or reservoir.
(c) A tract of real property owned by a nonprofit public benefit
corporation described in subsection (b) is exempt from property
taxation if the tract is used by the public benefit corporation in the
public benefit corporation's efforts to enhance the environment and
water quality of a lake or reservoir described in subsection (b).

Legislative History

As added by P.L.2-1999, SEC.1. Amended by P.L.170-2002, SEC.16; P.L.119-2012, SEC.17; P.L.104-2022, SEC.20.