Section 280-W. Taxation of district property

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All real property acquired for
  the purposes of the county district shall be acquired in the name of the
  county.  Real  property  acquired  in  the  name  of the county 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 the  county.  Except  as  provided  above,  such  real
  property  shall  be  valued  on an equitable basis with other comparable
  real property in the district.

                    
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