(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 county or district agricultural association of this state:

1. (1) a tract of land not exceeding eighty (80) acres; and
2. (2) the improvements situated on the tract of land.

(b) This exemption does not apply unless:

1. (1) the association is organized under IC 1971, 15-1-3 ; and

2. (2) the property is exclusively used and occupied for the purposes specified in IC 1971, 15-1-3 .

   [Pre-1975 Property Tax Recodification Citation: 6-1-1-2(7) part.]

   Formerly: Acts 1975, P.L.47, SEC.1.