Municipally owned water company property
Ind. Code § 6-1.1-10-6
in effectSec. 6. (a) Property which is owned by a domestic corporation of this state is exempt from property taxation if:
(1) the corporation owns a water system or waterworks;
(2) the corporation is, pursuant to a contract, supplying its entire output of water at wholesale rates to a city or town of this state; and
(3) the city or town which receives the water owns at least ninety-five percent (95%) of the corporation's capital stock.
(b) For purposes of this section, stock is preferred stock and not capital stock if:
(1) fixed dividends are payable to the stock owner at a rate not to exceed six percent (6%) per year; and
(2) the stock owner has no further right to participate in the profits of the corporation.
[Pre-1975 Property Tax Recodification Citation: 6-1-15-1.]
Formerly: Acts 1975, P.L.47, SEC.1.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/6Fetched: 10/17/2026