(1) Nothing in this chapter shall exempt cooperatives and foreign corporations transacting business in this state pursuant to this chapter from ad valorem property taxes. Assessment schedules for such property that is devoted to and used or useful in pursuance of the primary purpose shall be filed with the comptroller of the treasury, and the payment of such taxes shall be in lieu of all other taxes of every kind or nature whatever, unless it is otherwise specifically provided by law that such other tax or taxes shall be applicable to cooperatives formed or foreign corporations transacting business pursuant to this chapter.
(2) Assessment schedules for such property that is devoted and used or useful in pursuance of one (1) or more secondary purposes shall be filed in the same manner and in the same places, and taxes on such properties shall be paid to the same authorities and to the same extent, as would be the case were such cooperative or foreign corporation organized and operating as a corporation under the Tennessee Business Corporation Act, compiled in title 48, chapters 11-27.