Taxation — Real estate — Transfer of title to Federal Government — Exemption from taxation.
An announcement by the Federal Government of its intention to take real estate by condemnation does not exonerate the owner from paying taxes assessed against it, even though the announcement handicaps the owner in selling or leasing the property.
The taxable status of real estate is determined as of the time when the assessment is levied and the tax is due. If the property is transferred during a tax year to an owner in whose hands it is exempt from taxation the exemption does not commence until the next following date of assessment. The exemption is not retroactive.
Argued October 11, 1934.
PER CURIAM, November 22, 1934:
The judgment is affirmed on the opinion of Judge STERN.