Personal property is not subject to property tax if the property: (1) is owned by a nonprofit organization that: (i) is qualified as tax exempt under § 501(c)(4) of the Internal Revenue Code; and (ii) is engaged primarily in providing a program to render its best efforts to contain, clean up, and otherwise mitigate spills of oil or other substances occurring in United States coastal and tidal waters; and (2) is used for the purposes of the organization.
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