Section 39-9-7 - Exemption from taxation of institutions

Every institution founded under this chapter, and the property of such institution, including real property, money, stock, bonds, notes, certificates of indebtedness, other evidences of indebtedness, and all other personal property, excepting motor vehicles, so far as devoted exclusively to carrying out objects and purposes of such institution shall be exempt from all state, county and municipal taxes. However, such institution shall own only such real property as shall be necessary to the fulfillment of the objects and purposes of such institution.Codes, 1930, § 3639; 1942, § 6196; Laws, 1922, ch. 193; Laws, 1978, ch. 514, § 6, eff. 7/1/1978.