{"data":{"id":"us-in/ic-6-1.1-10-6","jurisdiction":"us-in","citation":"IC 6-1.1-10-6","heading":"Municipally owned water company property","body":"Sec. 6. (a) Property which is owned by a domestic corporation of this state is exempt from property taxation if:\n(1) the corporation owns a water system or waterworks;\n(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\n(3) the city or town which receives the water owns at least ninety-five percent (95%) of the corporation's capital stock.\n(b) For purposes of this section, stock is preferred stock and not capital stock if:\n(1) fixed dividends are payable to the stock owner at a rate not to exceed six percent (6%) per year; and\n(2) the stock owner has no further right to participate in the profits of the corporation.","path":["TITLE 6. TAXATION","ARTICLE 1.1. PROPERTY TAXES","Chapter 10. Exemptions"],"source_url":"https://iga.in.gov/ic/2026/Title_6.html#6-1.1-10-6","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-09T01:51:39Z","sha256":"82cdd634d22757f1e10c6a619bc0d037fbb1954ab5101963e7fe67ff6872dae9","source_id":"us-in","stale":false,"prev":"us-in/ic-6-1.1-10-5.5","next":"us-in/ic-6-1.1-10-7"},"notice":"GroundRules: Original legal text. Not legal advice."}