Sec. 32. Tangible property is exempt from property taxation if it:

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Terms Used In Indiana Code 6-1.1-10-32

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Executor: A male person named in a will to carry out the decedent
  • Legatee: A beneficiary of a decedent
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (1) is under the control of an executor;

     (2) is to pass, under the terms of a will, to a municipal corporation or to a literary, scientific, benevolent, religious, or charitable institution; and

     (3) would be exempt from property taxation if it had already been distributed to the devisee or legatee.

[Pre-1975 Property Tax Recodification Citation: 6-1-1-2(10).]

Formerly: Acts 1975, P.L.47, SEC.1.

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