Indiana Code § 20-47-3-15

Exemption of lessor corporation property from taxes
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Sec. 15. School buildings leased by a lessor corporation entering into a lease with a school corporation or corporations under this chapter are exempt from all state, county, and other taxes. However, the rental payments to a lessor corporation under the terms of such a lease are subject to all applicable taxes under Indiana law. [Pre-2006 Recodification Citation: 21-5-12-10.]

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