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QUESTION: Should taxes be cancelled for the time that the municipality owns property for the year in which the purchase occurs if a municipality purchases property after January 1?

SUMMARY: Nonexempt property is to be assessed for ad valorem taxation as of January 1, and a lien for the taxes attaches as of that date. The fact that the property is acquired by a municipality and used by it for municipal or public purposes subsequent to January 1 does not cancel the taxes for that year for the time the municipality so owns and uses the property. However, the board of county commissioners has the…