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QUESTIONS: 1. Is property being purchased by the City of Vero Beach exempt from taxation based upon the contract for sale entered into prior to January 1 of the tax year, even though no title had passed as of January 1 and possession did not take place until after January 1? 2. Does the lease agreement, read in pari materia with the various other contracts and agreements, entered into after January 1 of the tax year allow the City of Vero Beach to gain a tax exemption under Art. VII, s. 3(a), State Const., and s. 196.192(2), F.S., for the tax year 1974 and/or subsequent years?

SUMMARY: A…