Sec. 10. (a) The property acquired by a municipality under this chapter, and the revenues derived from that property, are exempt from taxation for all purposes.

     (b) A leasehold improvement made by a lessee under this chapter for private or commercial purposes, or both, is subject to taxation.

[Pre-Local Government Recodification Citations: 19-5-11-11 part; 19-5-13-13 part.]

As added by Acts 1981, P.L.309, SEC.84.