Sec. 41. (a) This section does not apply to a contract described in section 5.5 of this chapter.

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Terms Used In Indiana Code 6-1.1-10-41

  • Contract: A legal written agreement that becomes binding when signed.
  • Personal property: All property that is not real property.
  • Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (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.

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