(a) Subject to the limitations contained in subsection (b) of this section, the following tangible property is exempt from property taxation if it is owned by a fraternity or sorority that is exempt from federal income taxation under Section 501(c)(2), Section 501(c)(3), or Section 501(c)(7) of the Internal Revenue Code:

1. (1) a tract of land;
2. (2) the improvements situated on the tract of land; and
3. (3) all personal property.

(b) This exemption does not apply unless:

1. (1) the fraternity or sorority is connected with or related to, and under the supervision of, a college, university, or other educational institution; or
2. (2) the property is used by the fraternity or sorority to carry out its purpose, including as an international, national, state, or local headquarters or to support the administrative, executive, or other functions associated with the operation of a fraternity or sorority.

(c) For purposes of this section, "fraternity or sorority" includes:

1. (1) a fraternity or sorority that is connected with or related to, and under the supervision of, a college, university, or other educational institution;
2. (2) an international, national, state, or local fraternity or sorority that administers, coordinates, operates, or governs fraternity or sorority chapters, units, divisions, or other groups or group members that are connected with or related to, and under the supervision of, a college, university, or other educational institution;
3. (3) a foundation related to a fraternity or sorority; or
4. (4) a housing corporation or similar entity related to a fraternity or sorority.

(d) To qualify for the exemption allowed by this section, the property may be owned, occupied, or used by more than one (1) fraternity or sorority, as long as the property is used to carry out the purposes of fraternities or sororities.

[Pre-1975 Property Tax Recodification Citation: 6-1-1-2(12).]

Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.173-2011, SEC.2.