Lands over which the State has acquired or reserved an easement of flowage in the completion of its flood control projects shall be set in the grand list of the town to the owners thereof subject to such easement of flowage. The difference between the grand list so fixed and the grand list based on the appraisal next preceding the acquisition of such flowage rights by the State of Vermont, shall be set in the grand list to the State of Vermont. Taxes assessed thereon shall be paid out of the General Fund. (Amended 1957, No. 219, § 2, eff. July 1, 1961.)