1-16H-44. Property tax exemption for certain leased property in Lawrence County.
If the authority leases land, improvements, equipment, fixtures, or other property interests in Lawrence County to an entity that:
(1)Is organized and operated on a not-for-profit basis;
(2)Is organized as a limited liability company;
(3)Has members of the limited liability company otherwise qualifying for exemption from real property taxation in the state where the entity's headquarters are located; and
(4)Is organized and operated for scientific research and related educational purposes;
the property and any possessory interest in the property is exempt from real property taxation.
Source: SL 2011, ch 8, §1.