1. (1) is owned by a majority of the lot owners in the area that the water system serves; and
2. (2) charges a rate that is sufficient only to pay for the cost of operating the system.

Property that is owned by any nonprofit community water corporation is not subject to property tax if the corporation:

Added by Acts 1985, c. 8, § 2, eff. Feb. 1, 1986.

Formerly Art. 81, § 9.