Indiana Code 6-1.1-10-33. Certain exempt property under control of executor or trustee
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Sec. 33. (a) Tangible property which is under the control of an executor or a trustee is exempt from property taxation if it is to be used and applied:
(2) for the benefit of this state or a state institution.
(1) within this state for a municipal, educational, literary, scientific, religious, or charitable purpose; or
Terms Used In Indiana Code 6-1.1-10-33
- Executor: A male person named in a will to carry out the decedent
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Trustee: A person or institution holding and administering property in trust.
(b) Subsection (a) does not apply unless the executor or trustee diligently and in good faith carries out the provisions of the will or trust agreement by using and applying the property for the intended purpose.
[Pre-1975 Property Tax Recodification Citation: 6-1-1-2(13).]
Formerly: Acts 1975, P.L.47, SEC.1.