Section 6-1.1-10-6 - Municipally owned water company property(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: Acts1975 , P.L. 47, SEC.1.