Section 67-5-224 - Exemption for charitable or nonprofit organizations engaged in economic development(a) Subject to the general requirements of § 67-5-212, real and tangible personal property owned and used by a nonprofit economic and/or charitable development organization shall be eligible for property tax exemption as a charitable use of property where the provisions of this section are met. Real and tangible personal property owned by a nonprofit entity, whether charitable or otherwise, which entity is recognized as tax exempt by the internal revenue service and is engaged in economic development, shall be eligible for property tax exemption to the extent such property is used to provide small business counseling and/or shared office and information systems infrastructure for small business development. Tangible personal property owned by a nonprofit charitable organization shall likewise be eligible for property tax exemption to the extent it is used to provide counseling, informational and technical assistance to other charitable organizations in applying for grants.(b) Any owner of real or personal property claiming exemption under this section shall be required to file an application for exemption with the state board of equalization on the same form and in the same manner prescribed in § 67-5-212(b).(c) This section shall only apply to counties containing a national laboratory facility or counties immediately adjacent to such counties.