(A) Real estate held or occupied by an association
or | 11 |
corporation,
organized or incorporated under the laws of this | 12 |
state relative to soldiers'
memorial associations, monumental | 13 |
building associations, or cemetery
associations or corporations, | 14 |
which in the opinion of the trustees, directors,
or managers | 15 |
thereof is necessary and proper to carry out the object intended | 16 |
for such association or corporation, shall be exempt from | 17 |
taxation.; | 18 |
(B) Real estate and tangible personal property held or | 19 |
occupied
by a
war
veterans'
organization, which is organized | 20 |
exclusively
for charitable purposesthat qualifies for exemption | 21 |
from taxation
under section 501(c)(19) or 501(c)(23) of the | 22 |
"Internal
Revenue
Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 1,
as | 23 |
amended, and
is
incorporated under the laws of this state or the | 24 |
United States,
except real
estate held by such organization for | 25 |
the production of
rental or other income, shall be
exempt from | 26 |
taxationin excess of the designated amount, before accounting for | 27 |
any cost or expense incurred in the production of such income.
For | 28 |
the purposes of this division, the designated amount equals
seven | 29 |
thousand five hundred dollars in tax year 2002, and shall be | 30 |
increased by two hundred fifty dollars each year thereafter
until | 31 |
tax year 2012, when it shall equal ten thousand dollars.
For tax | 32 |
years 2013 and thereafter, the designated amount shall
equal ten | 33 |
thousand dollars. | 34 |