Assessment and taxation of property losing exempt status.
Real property, previously exempt from taxation, shall be assessed and taxed as provided in RCW
84.40.350 through
84.40.390 when transferred to private ownership by any exempt organization including the United States of America, the state or any political subdivision thereof by sale or exchange or by a contract under conditions provided for in RCW
84.40.230 or when the property otherwise loses its exempt status.