The Supreme Court of Indiana has reversed the state Tax Court and held that real estate owned by a for-profit limited liability company and leased to a church is not entitled to exemption from real estate tax. Oaken Bucket Partners, LLC, owns a multi-unit office building in Fishers, IN, which it leased to the Heartland Church. It leased 13,000 square feet in 2001 at the rate of $6 per square foot, and leased another 15,000 square feet in 2003 for $8 a square foot. It sought a real estate tax exemption for the portion of the property leased to the Church. Under state law, a property can be exempt from real estate tax if it is owned, occupied, and used by a person for charitable purposes. The...