Title to land purchased in conformity with sections 751-753 of this title shall vest entirely in the State, jointly in the State and the local governmental units, or entirely in the local governmental units as in each case is most proper. Land so acquired shall not be taxable, but when the title vests in the State or when the title is held jointly by the State and a town or towns, and the site is located in a different town or when the title vests in one or more towns and the site exists in a different town, then the holders of the title shall make an annual payment, instead of taxes, to the town in which the site is located of a sum equal to the tax otherwise assessed on the land alone. (Added 1985, No. 222 (Adj. Sess.), § 2.)