Tennessee Code 42-5-123 – Airport property and income exempt from taxation
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Terms Used In Tennessee Code 42-5-123
- Airport: means any area of land or water that is used, or intended for use, for the landing and take-off of aircraft, and any appurtenant areas that are used, or intended for use, for airport buildings or other airport facilities or avigation easements, or rights-of-way, together with all airport buildings and facilities located thereon. See Tennessee Code 42-5-102
- Municipal: means pertaining to a municipality as defined in this section. See Tennessee Code 42-5-102
- Municipality: means any county, incorporated city, or incorporated town of this state. See Tennessee Code 42-5-102
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
Any property in this state acquired by a municipality for airport purposes pursuant to this chapter, and any income derived by such municipality from the ownership, operation or control of that property, shall be exempt from taxation to the same extent as other property used for public purposes. Any municipality is authorized to exempt from municipal taxation any property, acquired within its boundaries by a public agency of another state for airport purposes, and any income derived from such property, to the extent that the other state authorizes similar exemptions from taxation to municipalities of this state.