Property Belonging Exclusively To Any County, District, City, Village Or Town In This State And Used For Public Purposes

10.1. All real and personal property belonging exclusively to any county, district, city, village or town in the State of West Virginia and used for public purposes is exempt from ad valorem property taxation.

10.2. Property belonging exclusively to any county, district, city, village or town in this State which is rented or leased to a private or nonpublic entity is not being used for public purposes and therefore is subject to ad valorem property taxation.

10.3. The exemptions set forth in Section 13-2C-15 of the West Virginia Code relating to bonds issued under the Industrial Development and Commercial Development Bond Act shall apply as set forth in Section 35.16 of these regulations.