§ 15-9-130 — Exemption of property from taxation; termination thereof

The property of a municipality or agency acquired or held for
the purposes of this chapter, is public property used for
essential public and governmental purposes. The property is
exempt from all taxes of the municipality, the county, the state
or any political subdivision thereof. However, the tax exemption
terminates if the municipality or agency sells, leases or
otherwise disposes of the property in any urban renewal area to
a purchaser or lessee which is not a public body entitled to tax
exemption for the property.