Nonprofit fair associations

From the 2024 DOR Tax Exemption Study

84.36.480 - Nonprofit fair associations Description Property taxes do not apply to real and personal property owned by a nonprofit fair association eligible to receive support from the fair fund that sponsors or conducts a county fair. The exemption also applies to nonprofit fair associations organized under the nonprofit miscellaneous and mutual corporations act, if the nonprofit purchased or acquired the majority of the property from a county or city between 1995 and 1998. The exemption applies to properties valued at no more than $15 million. Loaning or renting the property to private concessionaires in conjunction with a fair does not nullify the exemption if the rental charges are reasonable and used for operating and maintaining the property. If any portion of the property is rented for more than 50 days during a calendar year, the rental income becomes subject to leasehold excise tax beginning January 1, 2019. Purpose To support county agricultural fairs. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.039 $0.040 $0.041 $0.042 Local Taxes $0.117 $0.123 $0.130 $0.137 Repeal of Repealing a property tax exemption would not increase state revenue