The establishment of developments and projects under the provisions of this subtitle is in all respects for the benefit of the inhabitants of the State of Maryland or its political subdivisions and is a public purpose, and the State of Maryland, its political subdivisions, and the Authority will be performing an essential governmental function in the exercise of the powers conferred by this subtitle, and with the exception of State and local real estate taxes as required below, the Authority shall not be required to pay any taxes or assessments upon the developments or projects, or any parts thereof, or upon its activities in the operation and maintenance of the developments and projects or upon any revenues therefrom, and the bonds of the Authority issued under this subtitle, and the interest thereon are forever exempt from all State, municipal, and local taxation; provided however, that wherever the Authority sells or leases land or development or project facilities to any private entity or entities, such land or development or project facilities shall be subject to State and local property taxes from the time of such sale.