Except for the provisions of Sections 40-12-260 and 40-12-261, a vehicle which has been registered and licensed as a “vintage vehicle” pursuant to this division shall not be subject to the motor vehicle licensing requirements of Division 1 of this article, nor any other law prescribing or requiring the payment of a license or privilege tax for the privilege of operating the vehicle upon the public roads or highways of this state. Vehicles registered under this division shall be exempt from ad valorem taxation.
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