Section 27-76-104 - Exemption from taxation or assessment(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.(b) Income from the ownership or operation of the regional mobility authority shall be exempt from state income tax.