§ 21-36-4-5 — Property tax exemption

Notwithstanding the provisions of IC 21-31-4-3
and IC 6-1.1-10-37:
(1) tangible real property that is owned by a state educational
institution; and
(2) tangible real property that is constructed or used on real
property described in subdivision (1), to the extent that tangible
real property is described in IC 21-35-7-2;
and that is licensed, leased, or otherwise conveyed to a developer or
operator in accordance with the provisions of an agreement under this
chapter is exempt from all ad valorem property taxes and special
assessments levied against that tangible real property by the state or
any political subdivision of the state. The exemption applies to the
tangible real property and to the developer's or operator's leasehold
estate interest, franchise interest, license interest, and other interests in
the tangible real property. Property satisfying the requirements of this
section is considered to be public property devoted to an essential
public and governmental function and purpose.

Legislative History

As added by P.L.205-2013, SEC.335.