§ 641. Tax exemption

(a) All property of the Agency is public property devoted to an essential public and governmental function and purpose and is exempt from all taxes, franchise fees, and special assessments of whatever nature of the State or any subdivision. All bonds or notes issued under this chapter are issued by a body corporate and public of this State and for an essential public and governmental purpose and those bonds and notes, and the interest thereon and the income therefrom, and all activities of the Agency and fees, charges, funds, revenues, incomes, and other monies of the Agency whether or not pledged or available to pay or secure the payment of those bonds or notes, or interest thereon, are exempt from all taxation, franchise fees, or special assessments of whatever kind except for transfer, inheritance, and estate taxes.

(b) The Agency is not required to make or file any reports, statements, or informational returns required of any other bodies corporate except as provided in this chapter.

(c) Notwithstanding subsection (a) of this section, a tax lien on real property that has attached pursuant to 32 V.S.A. § 5061 shall not be extinguished as a result of the acquisition by the Agency of property subject to such lien. No real property owned by the Agency on April 1 of any year shall be assessed for taxes by any municipality and no lien for taxes pursuant to 32 V.S.A. § 5061 shall attach to such property whether or not the Agency subsequently transfers the property to a taxable person prior to April 1 of the following year. (Added 1973, No. 260 (Adj. Sess.), § 3, eff. April 11, 1974; amended 1983, No. 215 (Adj. Sess.), § 2, eff. May 10, 1984.)