Sec. 9. (a) For purposes of this article, the "owner" of tangible property shall be determined by using the rules contained in this section.
(b) Except as otherwise provided in this section, the holder of the legal title to personal property, or the legal title in fee to real property, is:
(1) the owner of that property, regardless of whether the holder of the legal title holds a fractional interest, a remainder interest, or a life estate, if a title document is not ordinarily issued to an owner for that type of property; or
(2) the owner of that property who is designated as the grantee, buyer, or other equivalent term in the title document or bureau of motor vehicles affidavit of sale or disposal, if a title document is ordinarily issued to an owner for that type of property.
(c) When title to tangible property passes on the assessment date of any year, only the person obtaining title is the owner of that property on the assessment date.
(d) When the mortgagee of real property is in possession of the mortgaged premises, the mortgagee is the owner of that property.
(e) When personal property is security for a debt and the debtor is in possession of the property, the debtor is the owner of that property.
(f) When a life tenant of real property is in possession of the real property, only the life tenant is the owner of that property.
(g) When the grantor of a qualified personal residence trust created under United States Treasury Regulation 25.2702-5(c)(2) is:
(1) in possession of the real property transferred to the trust; and
(2) entitled to occupy the real property rent free under the terms of the trust;
the grantor is the owner of that real property.