83-43-33 - Partial tax exemption.
§ 83-43-33. Partial tax exemption.
Every corporation organized pursuant to, or subject to, the provisions of this chapter is hereby declared to be a charitable and benevolent institution, and its funds and property shall be exempt from taxation, except, however, that such corporation shall not be exempt from ad valorem taxes upon real estate and motor vehicles owned by it.
Sources: Codes, 1942, § 8775-16; Laws, 1962, ch. 234, § 16; Laws, 1978, ch. 441, § 9, eff from and after July 1, 1978.