The real property and tangible personal property, owned or possessed by an organization and used exclusively by that organization for an educational museum, shall have a 100 percent exemption from property taxation, if: (1) the educational museum is located upon land owned by state, county or municipal government, or an agency or entity thereof, including any municipal or regional airport authority; (2) the educational museum exhibits historic artifacts and other items of historical significance and instruction; (3) the educational museum is designated, by Tennessee law, as an official state repository and archive; (4) the organization is exempt from payment of federal income taxes pursuant to § 501(c)(3) of the Internal Revenue Code; (5) the organization's board members receive no compensation for serving on the board; and (6) the organization's employees and volunteers actually manage and perform the daily operations and programs of the educational museum.¹

Any organization claiming such exemption must file an application for exemption with the State Board of Equalization, on the same form and in the same manner as prescribed in T.C.A. § 67-5-212(b).²