Taxes, Ad Valorem - As enacted, authorizes a charitable nonprofit corporation located in Knox County or within a municipality located within Knox County that acquires replacement property which is operated as a licensed residential home for the aged, to claim and file a property tax exemption as a religious, charitable, scientific, or nonprofit educational institution. - Amends TCA Title 67, Chapter 5.

This bill allows charitable nonprofit organizations in Knox County to claim property tax exemptions for replacement homes for the aged that they acquire to replace their existing exempt properties. The law applies specifically to counties with a population between 478,900 and 479,000 based on the 2020 census, which includes Knox County, and permits these organizations to file for exemption up to three years before the application date. Additionally, the bill requires the state to refund any property taxes collected on the replacement property before the law took effect.