Section 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.