42-11124. Exemption for possessory interests
for educational or charitable activities


A possessory interest consisting of property or improvements pursuant to a lease
from this state or a political subdivision of this state is exempt from taxation if it is
used by an association or institution that meets all of the following requirements:


1. The purpose of the association or institution is educational or charitable
activities.


2. Its annual gross revenues do not exceed fifty thousand dollars.


3. It is not operated for profit.


4. It is recognized under section 501(c)(3) of the internal revenue code or under
section 43-1201.