§ 400. United States. 1. Real property owned by the United States
shall be exempt from taxation, except as otherwise provided by the laws
of the United States.

2. Real property occupied exclusively or in part by the United States
pursuant to the provisions of the public buildings purchase contract act
of nineteen hundred fifty-four (Public Law 519, 83rd Congress) shall be
exempt from taxation and exempt from special ad valorem levies and
special assessments to the extent provided in section four hundred
ninety of this chapter, during the period that the United States is
required to make reimbursement for taxes payable on such property,
provided that the United States enters into an agreement or agreements
with the municipal corporation or corporations in which such properties
are located, whereby it will undertake to pay a fair and reasonable sum
annually on such property as taxes. Where a part of the property is so
occupied by the United States, such part only shall be exempt and the
remainder thereof shall be subject to taxation, special ad valorem
levies and special assessments. The sums received by any municipal
corporation pursuant to this subdivision shall be devoted to purposes to
which taxes may be applied.