Any property held under this chapter with retention of the deed by the local governmental unit is deemed to be the property of the local governing unit held for public purposes and is exempt from property taxation.
Tenn. Code Ann. § 7-66-110, under Tennessee Homestead Act.
Tenn. Code Ann. § 7-66-110
Any property held under this chapter with retention of the deed by the local governmental unit is deemed to be the property of the local governing unit held for public purposes and is exempt from property taxation.