Sec. 5. 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

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 21-36-4-5

  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
(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.

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

  Previous section
Next section  
 Chapter 4 Contents