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Subject to the applicable requirements of § 67-5-212, real and tangible personal property owned and used by an organization as a museum shall have a one hundred percent (100%) exemption from property taxation, if:
The organization owns the real property for which the exemption is sought;
The organization owning the property is exempted from the payment of federal income taxes by § 501(c)(3) of the Internal Revenue Code (26 U.S.C. § 501(c)(3));
The property is located within the limits of an incorporated municipality;
The exempt organization actually operates the museum;
The museum displays local, regional and state crafts and items of historical interest; and
The board members of the organization receive no compensation for their services.
Any owner of real or personal property claiming exemption under this section shall be required to file an application for exemption with the state board of equalization on the same form and in the same manner prescribed in § 67-5-212(b).
Notwithstanding § 67-5-212 or any other law to the contrary, real property and tangible personal property, owned or possessed by an organization and used exclusively by that organization for an educational museum, shall have a one-hundred-percent exemption from property taxation, if:
The educational museum is located upon land owned by state, county or municipal government, or an agency or entity thereof, including any municipal or regional airport authority;
The educational museum exhibits historic artifacts and other items of historical significance and instruction;
The educational museum is designated, by Tennessee law, as an official state repository and archive;
The organization is exempt from payment of federal income taxes pursuant to § 501(c)(3) of the Internal Revenue Code;
The organization's board members receive no compensation for serving on the board; and
The organization's employees and volunteers actually manage and perform the daily operations and programs of the educational museum.
Any organization claiming exemption under subdivision (c)(1) shall file an application for exemption with the state board of equalization, on the same form and in the same manner as prescribed in § 67-5-212(b).