Except as provided in subsection (b) of this section, the Authority is exempt from taxation or assessments on any part of a development or project, the Authority’s activities in operating and maintaining a development or project, and revenues from a development or project. Any property that is sold or leased by the Authority to a private entity is subject to Baltimore City and local real property taxes from the time of sale or lease. The Authority is exempt from State and local transfer and recordation tax.