Section 6-1.1-10-41 - Exempt property purchased under contract of sale by person not qualifying for exemption(a) This section does not apply to a contract described in section 5.5 of this chapter.(b) If real or personal property that is exempt from taxation under section 2 or 4 of this chapter: (1) is being purchased under a contract of sale by another person:(A) whose real or personal property is not exempt from taxation; and(B) who is not engaged in an exempt purpose with the real or personal property; and(2) the contract of sale does not make the real or personal property taxable; the real or personal property shall be assessed and taxed as if the real or personal property were owned by the purchaser or the purchaser's assignee.
As added by P.L. 31-1994, SEC.1.