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