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Terms Used In Alabama Code 45-45-241.03

  • 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.
  • property: includes both real and personal property. See Alabama Code 1-1-1

All property owned by the Optimist Club of Hazel Green, Incorporated, a Madison County nonprofit corporation, is hereby exempted from all county and local ad valorem taxation.