Section 11-8-64 - Tax exemption of urban renewal property--Termination of exemption on transfer to private purchaser or lessee

11-8-64. Tax exemption of urban renewal property--Termination of exemption on transfer to private purchaser or lessee.The property of a municipality, acquired or held for the purposes of this chapter is declared to be public property used for essential public and governmental purposes and such property shall be exempt from all taxes of the municipality, the county, the state, or any political subdivision thereof: provided that such tax exemption shall terminate when the municipality sells, leases or otherwise disposes of such property in an urban renewal area to a purchaser or lessee which is not a public body entitled to tax exemption with respect to such property. Source: SL 1966, ch 149, §13.