§ 8-22-3-28 — Public necessity and benefit; tax exemption of leasehold interests

(a) The acquisition, establishment,
construction, improvement, equipment, maintenance, control, and
operation of airports and landing fields for aircraft under this chapter
is a governmental function of general public necessity and benefit, and
is for the use and general welfare of all the people of Indiana, as well
as of the people residing in the district.
(b) Notwithstanding any other statute, the leasehold estate of any
lessee created pursuant to a lease by the board of its aviation related
property or facilities, together with any permanent structure erected on
the property by the lessee is exempt from property taxation.
(c) This subsection applies to property, facilities, or permanent
structures leased by the board of an airport authority established for a
county containing a consolidated city. Notwithstanding subsection (a),
any property, facilities, or permanent structures subject to a lease
entered into or renewed after July 1, 1995, is not entitled to a property
tax exemption if the property, facility, or structure is not used for
aviation related purposes.
[Pre-Local Government Recodification Citations: 19-6-2-30;
19-6-3-32; 19-6-3.5-32.]
As added by Acts 1980, P.L.8, SEC.73. Amended by
P.L.60-1988, SEC.21; P.L.116-1995, SEC.7.