(a) A regional mobility authority is exempt from ad valorem property taxation of or assessments on each of the following:(1) A transportation system;(2) A transportation project; and(3) Property the regional mobility authority acquires or uses under this chapter for a transportation project or transportation system.
(1) A transportation system;
(2) A transportation project; and
(3) Property the regional mobility authority acquires or uses under this chapter for a transportation project or transportation system.
(b) Income from the ownership or operation of the regional mobility authority shall be exempt from state income tax.