Indeed it would!
Well, in ages past, weren't church lands ["temporalities"] held from the King, with corresponding obligations like knight service and the like [today these would be called taxes]? Thus there have been ample precedents for church property accounting to the secular authorities, and bishop's objections [for which there are precedents, too] lack merit.
This is funny, is the Episcopal Diocese any where near as bad as the Archdiocese of Boston? There are a few people who are going to jail at the Archdiocese if people ever see their books.