Sec. 20. Tangible property is exempt from property taxation if it is: (1) owned by a manual labor school, a technical high school, a trade school, or a college which is incorporated within this state; and (2) used, and in the case of real property actually occupied, for the purpose for which the institution is incorporated. However, the institution's real property which is exempt from taxation under this section may not exceed eight hundred (800) acres in any one (1) county of this state. [Pre-1975 Property Tax Recodification Citation: 6-1-1-2(4).] Formerly: Acts 1975, P.L.47, SEC.1. As amended by Acts 1977, P.L.2, SEC.18.
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