(a) An authority is exempt from taxation of or assessments on:
(1) a transportation project or system;
(2) property the authority acquires or uses under this chapter for a transportation project or system; or
(3) income from property described by Subdivision (1) or (2).
(b) An authority is exempt from payment of development fees, utility connection fees, assessments, and service fees imposed or assessed by any governmental entity or any property owners' or homeowners' association. This subsection does not apply to fees or assessments charged under approved rate schedules or line extension policies of a municipally owned electric or gas utility.