Tenn. Code Ann. § 7-87-102: Port authorities public and governmental bodies - Tax exempt status

(a) It is hereby declared that the port authorities created pursuant to this chapter are public and governmental bodies acting as agencies and instrumentalities of the municipality or municipalities with respect to which the authority is organized and that the acquisition, operating and financing of ports and related facilities by such port authorities are hereby declared to be for a public and governmental purpose and a matter of public necessity.

(b) The property and revenues of the authority or any interest in the property and revenues shall be exempt from all state, county, and municipal taxation.