Understanding Tax Exemptions for Municipal Aviation Properties
Hello, I’m Oklahoma City attorney Dillan Savage of Wirth Law Office, and I practice primarily in the Oklahoma City, Oklahoma area. Today we are going to be talking about the non-requirement of property that is obtained for a municipality for the purpose of being used as an airport, vertiport, or other such type of facility.
In the event that you are working for a municipality, and your municipality has obtained an airport or vertiport or something of that nature, any of that property itself or any income that is earned through the use of that property for the municipality is actually exempt from taxes.
Statutory Framework for Tax Exemption
You can find the specific statute on this under Title III, Section 17. There is a Version I and a Version II, and it is titled Property and Income Exempt from Taxation. So, any property in this state acquired by a municipality for airport, vertiport, or air navigation purposes pursuant to the provisions found within this actual title, and any income derived from that by the municipality from that ownership of that land and that airport or vertiport, is again exempt from taxation.
So, if you are working for a municipality and you have acquired certain property that is used for air navigation purposes, that property itself and any income earned from that property is going to be exempt from taxation.
The Importance of Being Informed
It’s a good thing to know about. You want to make sure that happens—you don’t want to be spending money that you don’t otherwise need to pay.
If you found this video to be helpful, or you believe it could help someone else, please go to TheOklahomaCityAttorney.com. My name is Dillan Savage, and I’m the Oklahoma City business law attorney with Wirth Law Office. Thank you for watching.
Get a Low-Cost Consultation
If you have questions about how these tax exemptions can benefit your municipality, don’t hesitate to reach out. Call me at 405-888-5400 for a low-cost consultation.
