§ 272. Taxation of district property. All real property acquired for
the purposes of the county district shall be acquired in the name of
such county district. Real property acquired in the name of the county
district shall be assessed for the purposes of taxation at the value
thereof exclusive of improvements erected or installed by or on behalf
of such county district, but in no case at less than the assessed
valuation at the time of acquisition by such county district, provided
however, that in those cases where the county district acquires real
property already containing improvements intended for the very purpose
for which the particular district was established, the real property so
acquired shall be assessed at the value of the land alone, exclusive of
such improvements. Except as provided above, such real property shall be
valued on an equitable basis with other comparable real property in the
district.