§ 6-1.1-10-37 — Leases of exempt property; effect

(a) This section does not apply to the lease
of a dwelling unit within a public housing project by the tenant of that
dwelling unit.
(b) If real property that is exempt from taxation is leased to another
whose property is not exempt and the leasing of the real property does
not make it taxable, the leasehold estate and the appurtenances to the
leasehold estate shall be assessed and taxed as if they were real
property owned by the lessee or his assignee.
(c) If personal property that is exempt from taxation is leased to
another whose property is not exempt and the leasing of the personal
property does not make it taxable, the leased personal property shall be
assessed and taxed as if it were personal property owned by the lessee
or his assignee.
[Pre-1975 Property Tax Recodification Citation:
6-1-1-4.]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by
P.L.42-1984, SEC.1; P.L.59-1986, SEC.1.