The authority shall be exempt from the payment of any taxes or fees to the state or any subdivisions of the state, or to any officer or employee of the state or any subdivision of the state, except as provided in this section. The property of an authority shall be exempt from all county and municipal taxes, and for the purposes of such tax exemption, it is hereby declared as a matter of legislative determination that an authority is and shall be deemed to be a municipal corporation; provided, that the authority shall pay all county and municipal fees. An authority may, however, agree to the payment of tax equivalents to the creating or participating municipalities, as provided in § 7-57-201(g).Acts 1971, ch. 316, § 12; T.C.A., § 6-4015.
Tennessee Legal Code