As used in this article, “exempt property” means:

(a) Property acquired by the United States that becomes exempt from taxation under the laws of the United States.

Terms Used In California Revenue and Taxation Code 5081

(b) Property acquired by the state or by a county, city, school district, or other public entity, that becomes exempt from taxation under the laws of the state.

(Added by Stats. 1979, Ch. 31.)