Section 6-1.1-10-16.5 - Nonprofit corporation property located under or adjacent to lake or reservoir(a) This section applies to real property located in either of the following: (1) A county having a population of more than twenty thousand (20,000) and less than twenty thousand four hundred (20,400).(2) A county having a population of more than twenty-four thousand six hundred (24,600) and less than twenty-five thousand (25,000).(b) A tract of real property owned by a nonprofit public benefit corporation (as defined in IC 23-17-2-23) is exempt from property taxation if all of the following apply: (1) The tract is located: (A) under a lake or reservoir; or(B) adjacent to a lake or reservoir.(2) The lake or reservoir under which or adjacent to which the tract is located was formed by a dam or control structure owned and operated by a public utility for the generation of hydroelectric power.(3) The public benefit corporation that owns the tract is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code and has maintained its tax exempt status for the previous three (3) years.(4) The public benefit corporation that owns the tract is primarily engaged in active efforts to protect and enhance the environment and water quality of the lake or reservoir under which or adjacent to which the tract is located in order to facilitate the public recreational use of the lake or reservoir.(c) A tract of real property owned by a nonprofit public benefit corporation described in subsection (b) is exempt from property taxation if the tract is used by the public benefit corporation in the public benefit corporation's efforts to enhance the environment and water quality of a lake or reservoir described in subsection (b).Amended by P.L. 104-2022,SEC. 20, eff. 4/1/2022.Amended by P.L. 119-2012, SEC. 17, eff. 4/1/2012.As added by P.L. 2-1999, SEC.1. Amended by P.L. 170-2002, SEC.16.