Indiana Code Title 21. Higher Education § 21-36-4-5

Sec. 5. Notwithstanding the provisions of IC 21-31-4-3 and IC 6-1.1-10-37:

and that is licensed, leased, or otherwise conveyed to a developer or operator in accordance with the provisions of an agreement under this chapter is exempt from all ad valorem property taxes and special assessments levied against that tangible real property by the state or any political subdivision of the state. The exemption applies to the tangible real property and to the developer's or operator's leasehold estate interest, franchise interest, license interest, and other interests in the tangible real property. Property satisfying the requirements of this section is considered to be public property devoted to an essential public and governmental function and purpose.