Section 24-2-7
Tax status of land sold or leased to private individuals or corporations for redevelopment.
Any property which the authority or the governing body of any incorporated city or town leases to private individuals or corporations for development under a redevelopment plan shall have the same tax status as if such leased property were owned by such private individuals or corporations.
(Acts 1949, No. 491, p. 713, §6; Acts 1967, No. 416, p. 1070, §6.)