The taxes imposed by this chapter do not apply to charges for personal property tax added to the rent paid for leases of tangible personal property. This exemption applies if: (1) The lessor separately states the charge for property tax to the lessee; and (2) The amount charged to the lessee is not more than the property tax actually paid by the lessor; and (3) The lease agreement is for an initial period of one (1) year or longer.
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