(a) The ownership, operation, and management of municipal airports, county airports, municipal airports operated pursuant to the Airport Commission Act, § 14-359-101 et seq., airports in border municipalities operated pursuant to the Municipal Airports Act, § 14-361-101 et seq., and regional airports operated pursuant to the Regional Airport Act, § 14-362-101 et seq., and their related properties and facilities, including without limitation runways, hangars, terminal facilities, and suitable areas or space which are made available to those who are willing and otherwise qualified to offer transportation services to the public or support services to aircraft operators, all as may be necessary or desirable for the servicing of aircraft in commercial or general aviation or for the comfort and accommodation of air travelers traveling in commercial or general aviation, are vital to the economic welfare of the State of Arkansas and its people, and such airports and their related properties and facilities are declared and confirmed to be used exclusively for public purposes.
(b) All airport property and related properties and facilities owned by a municipality, county, or other public agency for the purposes enumerated in this section are declared to be acquired and used exclusively for public and governmental purposes and as a matter of public necessity and shall be exempt from ad valorem taxation to the same extent as other property used exclusively for public purposes.
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