Texas Special District Local Laws Code 3503.1541 – Certain Property Exempt From Taxation
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(a) A leasehold or other possessory interest granted to a person by the authority or by a nonprofit corporation holding title for the authority is owned, used, and held for a public purpose for and on behalf of the authority and is exempt from taxation under § 11.11, Tax Code.
(b) § 25.07(a), Tax Code, does not apply to a leasehold or other possessory interest granted to a person by the authority or by a nonprofit corporation holding title for the authority during the period the authority or nonprofit corporation owns the estate or interest encumbered by the possessory interest.
Terms Used In Texas Special District Local Laws Code 3503.1541
- 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.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005