Removes the described property from the corporate limits of the Town of Mooresville. Clarifies that the act has no effect upon the validity of any liens of the Town of Mooresville for ad valorem taxes or special assessments outstanding before the effective date of the act, and that those liens can be collected or foreclosed upon after the effective date of the act as though the property were still within the corporate limits of the town. Effective June 30, 2018. Provides that the described property as of January 1, 2018, is no longer subject to municipal taxes for taxes imposed for taxable years beginning on or after July 1, 2018.