IN HB1193

Amends IC 6-1.1-10-25 to expand property tax exemptions for charitable organizations by adding Section 501(c)(3) organizations that are federally tax-exempt under Section 501 of the Internal Revenue Code.

Exemption applies to tangible property owned by qualifying 501(c)(3) organizations for assessment dates after February 29, 2012 (retroactive to March 1, 2012).

Requires that property be exclusively used and, for real property, actually occupied by the organization for its charitable purposes and objectives.

For 501(c)(3) organizations specifically, the organization that owns the property must be the same entity that exclusively uses and actually occupies it.

Declares an emergency for the act's implementation.