§7–209.

    Property is not subject to property tax if the property:

        (1)    is owned by an incorporated, nonprofit fire company or rescue squad; and

        (2)    is necessary for and actually used exclusively for the purposes of the fire company or rescue squad, including property that:

            (i)    is used for:

                1.    training; or

                2.    fund raising at carnivals or bazaars;

            (ii)    is held in an advanced land acquisition program of the fire company or rescue squad;

            (iii)    is leased for not more than 60 days during any 12-month period, if:

                1.    the property is used for a purpose that is related to the purposes of the fire company or rescue squad; and

                2.    the rent that is received from the property is used exclusively for the purposes of the fire company or rescue squad;

            (iv)    is leased to any nonprofit organization, if:

                1.    the property is used for a purpose that is related to the purposes of the fire company or rescue squad; and

                2.    the rent that is received from the property is used exclusively for the purposes of the fire company or rescue squad; or

            (v)    is used as a residence for an individual who:

                1.    is responsible for taking care of property owned by the fire company or rescue squad;

                2.    is a member of the fire company or rescue squad;

                3.    is not an employee of the fire company or rescue squad; and

                4.    is not under an obligation to pay for the use of the property.