# Ind. Code § 6-1.1-10-6: Municipally owned water company property

> Indiana · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-6

## Section

- **Citation:** Ind. Code § 6-1.1-10-6
- **Heading:** Municipally owned water company property
- **Jurisdiction:** Indiana
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Indiana Code / Title 6 / Article 1.1 / Chapter 10 / Section 6-1.1-10-6

## Text

Sec. 6. (a) Property which is owned by a domestic corporation of this state is exempt from property taxation if:

(1) the corporation owns a water system or waterworks;

(2) the corporation is, pursuant to a contract, supplying its entire output of water at wholesale rates to a city or town of this state; and

(3) the city or town which receives the water owns at least ninety-five percent (95%) of the corporation's capital stock.

(b) For purposes of this section, stock is preferred stock and not capital stock if:

(1) fixed dividends are payable to the stock owner at a rate not to exceed six percent (6%) per year; and

(2) the stock owner has no further right to participate in the profits of the corporation.

[Pre-1975 Property Tax Recodification Citation: 6-1-15-1.]

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

## Nearby sections

- [Ind. Code § 6-1.1-10-1 United States property](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-1.md)
- [Ind. Code § 6-1.1-10-2 State property; property leased to a state agency](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-2.md)
- [Ind. Code § 6-1.1-10-3 Bridges and tangible appurtenant property](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-3.md)
- [Ind. Code § 6-1.1-10-4 Political subdivision property](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-4.md)
- [Ind. Code § 6-1.1-10-5 Municipal property](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-5.md)
- [Ind. Code § 6-1.1-10-5.5 Urban homesteading property](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-5.5.md)
- [Ind. Code § 6-1.1-10-6 Municipally owned water company property](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-6.md)
- [Ind. Code § 6-1.1-10-7 Nonprofit water companies](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-7.md)
- [Ind. Code § 6-1.1-10-8 Nonprofit sewage disposal company](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-8.md)
- [Ind. Code § 6-1.1-10-9 Industrial waste control facilities](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-9.md)
- [Ind. Code § 6-1.1-10-10 Industrial waste control facilities; claiming exemption; industrial waste control facility; how owner claims exemption; investigation; determination; potential revocation of determination; claim allowed or denied](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-10.md)
- [Ind. Code § 6-1.1-10-11 Appeal of industrial waste control facility exemption determination](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-11.md)
- [Ind. Code § 6-1.1-10-12 Stationary or unlicensed mobile air pollution control system](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-12.md)
- [Ind. Code § 6-1.1-10-13 Stationary or unlicensed mobile air pollution control system; claim for exemption](https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-13.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IN_T6_A1.1_C10_S6-1.1-10-6. Check the current official text before relying on it. Not legal advice.