Exempt property purchased under contract of sale by person not qualifying for exemption

Ind. Code § 6-1.1-10-41
in effect
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Sec. 41. (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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/6Fetched: 10/17/2026
Ind. Code § 6-1.1-10-41 — Exempt property purchased under contract of sale by person not qualifying for exemption | Indiana Code (Aug. 2026 snapshot) | Corpus