Indiana § 6-1.1-10-41 Exempt property purchased under contract of sale by person not
qualifying for exemption

Indiana Statutes

§ 6-1.1-10-41 — Exempt property purchased under contract of sale by person not qualifying for exemption

Indiana·Art. 1.1 PROPERTY TAXES·Ch. 10 Exemptions

(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.

Free access — add to your briefcase to read the full text and ask questions with AI

(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.

Indiana § 6-1.1-10-41 (Exempt property purchased under contract of sale by person not qualifying for exemption) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.