Section 4-20.5-14-3 - Exemption from taxes and assessments; exceptions(a) This section does not apply to taxes or assessments levied by the state upon the gross receipts or income of an association, a corporation, a firm, a partnership, or a person received on account of the performance of contracts or other activities upon the property.(b) After the United States acquires property subject to this chapter, the property is exempt from all taxes and assessments as long as the United States owns the property.As added by P.L. 7-1993, SEC.7.