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 that replace their existing licensed homes for the aged with new properties to claim property tax exemptions. The law permits these organizations to apply for the exemption up to three years before filing, covering the period from when construction begins or the property is used for exempt purposes. If the organization paid taxes on the new property before the law took effect, the bill requires those taxes to be refunded. This change specifically applies to nonprofits operating licensed residential facilities for the elderly within the county or its municipalities.