Leases of exempt property; effect
Sec. 37. (a) This section does not apply to the lease of a dwelling
unit within a public housing project by the tenant of that dwelling
unit.
(b) If real property that is exempt from taxation is leased to
another whose property is not exempt and the leasing of the real
property does not make it taxable, the leasehold estate and the
appurtenances to the leasehold estate shall be assessed and taxed as
if they were real property owned by the lessee or his assignee.
(c) If personal property that is exempt from taxation is leased to
another whose property is not exempt and the leasing of the personal
property does not make it taxable, the leased personal property shall
be assessed and taxed as if it were personal property owned by the
lessee or his assignee.
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.42-1984,
SEC.1; P.L.59-1986, SEC.1.
Last modified: May 28, 2006