19-26,111.   Same; exemption of property from taxation; exceptions.(a) Until sold or otherwise disposed of by the bank andexcept for special assessments levied by a municipality to finance publicimprovements, any property acquired by the bank shall be exempt from thepayment of ad valorem taxes levied by the state and any other political ortaxing subdivision of the state.

      (b)   Except for special assessments levied by a municipality to financepublic improvements, when the board acquires property pursuant to this act, thecounty treasurer shall remove from the tax rolls all taxes, assessments,charges, penalties and interest that are due and payable on the property at thetime of acquisition by the board.

      (c)   Property held by the bank shall remain liable for special assessmentslevied by a municipality to finance public improvements, but no payment thereofshall be required until such property is sold or otherwise conveyed by thebank.

      (d)   The governing body of any municipality which has levied specialassessments on property acquired by the bank may abate part or all of thespecial assessments, and the bank and governing body may enter into agreementsrelated thereto. Any special assessments that are abated shall be removed fromthe tax rolls by the county treasurer as of the effective date of theabatement.

      History:   L. 1996, ch. 264, § 20; July 1.