Indiana Code 6-1.1-10-41. Exempt property purchased under contract of sale by person not qualifying for exemption
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Sec. 41. (a) This section does not apply to a contract described in section 5.5 of this chapter.
(1) is being purchased under a contract of sale by another person:
(b) If real or personal property that is exempt from taxation under section 2 or 4 of this chapter:
Terms Used In Indiana Code 6-1.1-10-41
- Contract: A legal written agreement that becomes binding when signed.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Personal property: All property that is not real property.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(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.