1. (a) This section does not apply to a contract described in section 5.5 of this chapter.

2. (b) If real or personal property that is exempt from taxation under section 2 or 4 of this chapter:

   1. (1) is being purchased under a contract of sale by another person:

      1. (A) whose real or personal property is not exempt from taxation; and
      2. (B) who is not engaged in an exempt purpose with the real or personal property; and

   2. (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.