Property is not subject to property tax if the property:
(1) is owned by an incorporated, nonprofit fire company or rescue squad; and
(2) is necessary for and actually used exclusively for the purposes of the fire company or rescue squad, including property that:
(i) is used for:
1. training; or
2. fund raising at carnivals or bazaars;
(ii) is held in an advanced land acquisition program of the fire company or rescue squad;
(iii) is leased for not more than 60 days during any 12-month period, if:
1. the property is used for a purpose that is related to the purposes of the fire company or rescue squad; and
2. the rent that is received from the property is used exclusively for the purposes of the fire company or rescue squad;
(iv) is leased to any nonprofit organization, if:
1. the property is used for a purpose that is related to the purposes of the fire company or rescue squad; and
2. the rent that is received from the property is used exclusively for the purposes of the fire company or rescue squad; or
(v) is used as a residence for an individual who:
1. is responsible for taking care of property owned by the fire company or rescue squad;
2. is a member of the fire company or rescue squad;
3. is not an employee of the fire company or rescue squad; and
4. is not under an obligation to pay for the use of the property.