(a) Subject to the application requirements of § 67-5-212, property owned by a charitable institution shall have a one hundred percent (100%) exemption from property taxation, if the property is:

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Terms Used In Tennessee Code 67-5-222

(1) On the National Register of Historical Places;
(2) Used for occasional rentals that last for no more than two (2) days at a time per event;
(3) Not rented out more than one hundred eighty (180) days per year, and the proceeds received from such rental periods must be used solely for the purposes of defraying the maintenance and upkeep of such property; and
(4) Has been owned and maintained by the charitable institution for at least ten (10) years prior to application for the exemption.
(b) The owner of such qualified property shall submit a comprehensive preservation and maintenance plan to the historic properties review board that demonstrates how the property tax savings will be applied to the preservation and maintenance of the property. Such plans shall meet the guidelines established by the historic properties review board.
(c) The tax exemption shall be valid for a ten-year period; however, the owner of the property may apply for additional exemption periods; provided, that an updated preservation and maintenance plan is filed with the historic properties review board in accordance with its guidelines.
(d)

(1) This section shall apply only to those counties that, by a two-thirds (2/3) vote of the governing body of the county, choose to come under its provisions.
(2) Any incorporated municipality that desires to come under the provisions of this section may do so separately by a two-thirds (2/3) vote of its governing body. In that event, however, only the territory within the corporate bounds of the municipality shall be affected by this section.
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