§ 6-1-1-10-41

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.