<br><br>65.450 Valuation and taxation of legislative body's interest in real property. <br>Where an interest in real property less than the fee is held by the local legislative body for <br>the purposes of KRS 65.410 to 65.460, assessments made on the property for taxation <br>shall reflect any change in the market value of the property which may result from the <br>interest held by the local legislative body. The value of the interest held by the local <br>legislative body shall be exempt from property taxation to the same extent as other <br>property owned by the local legislative body. <br>History: Created 1972 Ky. Acts ch. 312, sec. 5. <br><br>