Removes the described property from the corporate limits of the City of Hendersonville (City). Clarifies that the act has no effect upon the validity of any liens of the City 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 City. Effective June 30, 2018. Provides that property in the described territory 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.