Section 5-12-19 - Tax exemption of property owned or leased by authority--Exception

5-12-19. Tax exemption of property owned or leased by authority--Exception.Except as hereinafter provided, all land, improvements, and capital equipment owned by the Building Authority, or being leased or acquired by the authority pursuant to a lease having a fixed term plus renewal options exceeding three years, or a lease-purchase or installment purchase contract, shall constitute a separate class of property which is exempt from taxation. Land owned by the authority, or being leased or acquired by the authority, to accomplish projects of the kind listed in §5-12-8 is not exempt from taxation. Source: SL 1967, ch 276, §14; SL 1983, ch 32, §5; SL 1988, ch 50, §5.