42-11132
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42-11132. Property leased to an educational institution A. Property, buildings and fixtures that are leased to a not for profit charter school and that are used for educational instruction in any grade or program through grade twelve shall be classified as class nine property pursuant to section 42-12009. If only part of a parcel of real property or improvements to real property is leased for operation of a charter school, only the portion so leased qualifies as class nine property. B. Property, buildings and fixtures that are owned by an educational, a religious or a charitable organization, institution or association and leased to a not for profit educational organization, institution or association are exempt from taxation if the property is used for educational instruction in any grade or program through grade twelve. C. If the educational, religious or charitable organization, institution or association that owns the property files with the assessor evidence of the organization's tax exempt status under section 501(c)(3) of the internal revenue code and an affidavit by the educational organization, institution or association that it uses the property for educational instruction as described in subsection B of this section, the property qualifies for the tax exemption under this section and is exempt from the requirement of filing subsequent affidavits under section 42-11152 until all or part of the property is conveyed to a new owner or is no longer used for educational purposes. At that time the religious or charitable organization, institution or association must notify the assessor of the change in writing. |