§1748h–3 — Title 12 Banks and Banking | U.S. Code

Summary

The Secretary may make payments instead of taxes on land he owns outright under section 1748b as that rule stood before August 11, 1955, when taxes or similar payments were due before he took ownership. Those payments can cover tax years before or after October 5, 1962. Payments cannot be higher than what like property would owe, cannot include interest or penalties, and can be prorated if title was taken partway through a tax year. This authority does not create a lien, and it does not let the Secretary pay taxes for property where he is only a tenant or mortgage holder. Property acquired and held under sections 1748h–1 or 1748h–2 is not exempt from state or local taxes. Such property must be taxed the same, by value, as other real property.

Title 12, §1748h–3

Banks and Banking — Source: USLM XML via OLRC

(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.

Editorial Notes

Amendments

1967—Subsecs. (a), (b). Pub. L. 90–19 substituted “Secretary” for “Commissioner” wherever appearing.

§1748h–3 Payments in lieu of taxes; limitations; exemption from taxation

Summary

Title 12, §1748h–3

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata