Certain exempt property under control of executor or trustee
Sec. 33. (a) Tangible property which is under the control of an
executor or a trustee is exempt from property taxation if it is to be
used and applied:
(1) within this state for a municipal, educational, literary,
scientific, religious, or charitable purpose; or
(2) for the benefit of this state or a state institution.
(b) Subsection (a) does not apply unless the executor or trustee
diligently and in good faith carries out the provisions of the will or
trust agreement by using and applying the property for the intended
purpose.
(Formerly: Acts 1975, P.L.47, SEC.1.)
Last modified: May 28, 2006