§ 1748h-3. — Payments in lieu of taxes; limitations; exemption from taxation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1748h-3]
TITLE 12--BANKS AND BANKING
CHAPTER 13--NATIONAL HOUSING
SUBCHAPTER VIII--ARMED SERVICES HOUSING MORTGAGE INSURANCE
Sec. 1748h-3. Payments in lieu of taxes; limitations; exemption
from taxation
(a) The Secretary is authorized to make payments in lieu of taxes on
any real property to which title has been or is hereafter acquired by
him in fee under section 1748b of this title as effective prior to
August 11, 1955, and on which taxes or payments in lieu of such taxes
were payable or paid prior to acquisition by the Secretary. Such
payments may be made in connection with tax years occurring prior to or
subsequent to October 5, 1962. The amount of any such payments shall not
exceed taxes on similar property and shall not include interest or
penalties. If the Secretary has acquired or hereafter acquires title in
fee to real property by foreclosure or by transfer from some other
department or agency of the Government or otherwise during a tax year,
he may make a payment in lieu of taxes prorated for that portion of the
year remaining after his acquisition of title. This subsection shall not
authorize any lien against property held by the Secretary, nor the
payment of any tax, nor any payment in lieu of any tax, on any interest
of the Secretary as lessee or mortgagee.
(b) Nothing in this subchapter shall be construed to exempt any real
property which has been or is hereafter acquired and held by the
Secretary under section 1748h-1 or 1748h-2 of this title from taxation
by any State or political subdivision thereof, to the same extent,
according to its value, as other real property is taxed.
(June 27, 1934, ch. 847, title VIII, Sec. 811, as added Pub. L. 87-756,
Oct. 5, 1962, 76 Stat. 751; amended Pub. L. 90-19, Sec. 1(a)(3), May 25,
1967, 81 Stat. 17.)
Amendments
1967--Subsecs. (a), (b). Pub. L. 90-19 substituted ``Secretary'' for
``Commissioner'' wherever appearing.
