Indiana Code 6-1.1-10-34. Contracts relating to certain exempt property; unenforceability
(1) the contract is related to tangible property which is given, devised, or bequeathed to an educational, literary, scientific, religious, or charitable institution;
Terms Used In Indiana Code 6-1.1-10-34
- Contract: A legal written agreement that becomes binding when signed.
- Donor: The person who makes a gift.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) the contract does not provide that all property taxes that the donor would have paid if the donor had retained title to the property shall be paid by:
(A) the donor;
(B) the person, if any, designated by the donor to receive the income or proceeds; or
(C) the institution.
(b) Tangible property transferred in the manner described in subsection (a) is subject to property taxation to the same extent as tangible property which is owned by an individual.
(c) This section does not apply to real property transferred under contracts which were entered into before March 9, 1937.
[Pre-1975 Property Tax Recodification Citation: 6-1-18-1.]
Formerly: Acts 1975, P.L.47, SEC.1. As amended by P.L.42-2011, SEC.6.