Section 45 Municipal Taxation of Federal Property

• Library: Tax Law 2009

In certain instances the supremacy of the federal government will not necessarily protect the potential taxable entity. When the federal government has a security interest in property formerly owned by it, the existence of this interest will not lead to an exemption from state taxation as long as the private property right is distinguishable. In addition, the fact that the federal government has a security interest in property will not result in a reduction in value for purposes of taxation. See S.R.A.,...