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12 U.S.C. § 1706b — Taxation of real property held by Secretary

submitted 92 years ago by ch. 847 to r/title-12-BANKS-AND-BANKING · 55 words · no verdicts yet

in plain englishAI-generated · not legal advice

Real property the Secretary acquires and holds in connection with mortgage insurance is not exempt from State or local property taxes. It is taxed according to value like other real property.

Nothing in this subchapter exempts real property acquired and held by the Secretary in connection with paying insurance granted under this subchapter from taxation by a State or its political subdivision. It is taxable to the same extent and according to its value as other real property.
the actual law source: uscode.house.gov ↗public domain

Nothing in this subchapter shall be construed to exempt any real property acquired and held by the Secretary in connection with the payment of insurance heretofore or hereafter granted under this subchapter from taxation by any State or political subdivision thereof, to the same extent, according to its value, as other real property is taxed.

Source credit: (June 27, 1934, ch. 847, title I, § 7, as added June 28, 1941, ch. 261, § 7, 55 Stat. 365; amended Apr. 20, 1950, ch. 94 title I, § 122, 64 Stat. 59; Pub. L. 90–19, § 1(a)(3), May 25, 1967, 81 Stat. 17.)

history & why it existsrecord from the source credit
  • 1934Enacted · Act of June 27, 1934, ch. 847 · 55 Stat. 365
  • 1950Amended · Act of Apr. 20, 1950, ch. 94 · 64 Stat. 59
  • 1967Amended · Pub. L. 90-19 · 81 Stat. 17

A history note hasn’t been published yet. The record shows enactment by ch. 847 on 1934-06-27.

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