Indiana Code Title 21. Higher Education § 21-31-4-3

Sec. 3. (a) This section applies to the board of trustees of the following state educational institutions:

(b) This chapter does not deny any tax exemption that a lessee would have under other laws if the lessee were the owner in fee simple of the real estate.

(c) A state educational institution is exempt from all property taxes on any real estate leased under this chapter.  The lessee of real estate leased under this chapter is liable for property taxes on the leased real estate as if the real estate were owned by the lessee in fee simple, unless the lessee is a student living in facilities owned by the state educational institution.