Artikel 5

1. Immovable property may be taxed in the State in which such property is situated.
2. The term “immovable property” shall be defined in accordance with the law of the State in which the property in question is situated. The term shall in any case include property accessory to immovable property, livestock and equipment used in agriculture and forestry, rights to which the provisions of general law respecting landed property apply, usufruct of immovable property and rights to variable or fixed payments as consideration for the working of, or the right to work, mineral deposits, sources and other natural resources and debt-claims of every kind, secured by mortgage, excluding bonds or debentures; ships, boats and aircraft shall not be regarded as immovable property.
3. The provisions of paragraphs 1 and 2 shall also apply to immovable property of an enterprise and to immovable property used for the performance of professional services or other independent activities of a similar character.
4. Shares and similar rights in a company, other than shares and rights dealt in on a Stock Exchange, the assets of which consist exclusively of real property situated in one of the States, including assets accessory thereto or assets material for the normal administriation, repair and upkeep thereof shall be deemed to be immovable property situated in that State. However, the foregoing provision shall not apply to shares or similar rights in such company incorporated in the State in which the deceased person was resident at his death.