§ 6-1.1-10-24 — Fraternity or sorority property

(a) Subject to the limitations contained in
subsection (b) of this section, the following tangible property is exempt
from property taxation if it is owned by a fraternity or sorority that is
exempt from federal income taxation under Section 501(c)(2), Section
501(c)(3), or Section 501(c)(7) of the Internal Revenue Code:
(1) a tract of land;
(2) the improvements situated on the tract of land; and
(3) all personal property.
(b) This exemption does not apply unless:
(1) the fraternity or sorority is connected with or related to, and
under the supervision of, a college, university, or other
educational institution; or
(2) the property is used by the fraternity or sorority to carry out its
purpose, including as an international, national, state, or local
headquarters or to support the administrative, executive, or other
functions associated with the operation of a fraternity or sorority.
(c) For purposes of this section, "fraternity or sorority" includes:
(1) a fraternity or sorority that is connected with or related to, and
under the supervision of, a college, university, or other
educational institution;
(2) an international, national, state, or local fraternity or sorority
that administers, coordinates, operates, or governs fraternity or
sorority chapters, units, divisions, or other groups or group
members that are connected with or related to, and under the
supervision of, a college, university, or other educational
institution;
(3) a foundation related to a fraternity or sorority; or
(4) a housing corporation or similar entity related to a fraternity
or sorority.
(d) To qualify for the exemption allowed by this section, the
property may be owned, occupied, or used by more than one (1)
fraternity or sorority, as long as the property is used to carry out the
purposes of fraternities or sororities.
[Pre-1975 Property Tax Recodification Citation:
6-1-1-2(12).]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by
P.L.173-2011, SEC.2.