House Bill 1363

AN ACT TO AMEND SECTIONS 21-33-45, 27-39-305, 27-39-307, 27-39-317, 27-39-320 AND 27-39-321, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF, BECAUSE OF AN INCREASE IN THE ASSESSED VALUATION OF A MUNICIPALITY OR COUNTY, THE AD VALOREM TAX MILLAGE RATE FOR THE EXISTING FISCAL YEAR WILL GENERATE FUNDS FOR THE NEXT FISCAL YEAR IN EXCESS OF THAT GENERATED FOR THE EXISTING FISCAL YEAR, THEN FOR PURPOSES OF DETERMINING WHETHER THE RATE OR LEVY PROPOSED FOR THE NEXT FISCAL YEAR IS AN INCREASE FROM THE PREVIOUS YEAR, THE GOVERNING AUTHORITIES OF THE MUNICIPALITY OR BOARD OF SUPERVISORS OF THE COUNTY SHALL REDUCE THE AD VALOREM TAX MILLAGE RATE AS IT APPLIES TO ALL PROPERTY EXCEPT NEWLY CONSTRUCTED PROPERTIES OR EXISTING PROPERTIES ADDED TO THE TAX ROLLS BY THE NECESSARY AMOUNT TO PROVIDE THAT THE REVENUE GENERATED FOR THE NEXT FISCAL YEAR IS THE SAME AS THAT GENERATED FOR THE EXISTING FISCAL YEAR AND USE SUCH REDUCED MILLAGE RATE AS THE BASIS TO DETERMINE WHETHER THE RATE OR LEVY PROPOSED FOR THE NEXT FISCAL YEAR IS AN INCREASE FROM THE PREVIOUS YEAR AND TO DETERMINE WHETHER ANY PROPOSED INCREASE IN REVENUE FOR THE NEXT FISCAL YEAR COMPLIES WITH CERTAIN LIMITATIONS ON AD VALOREM TAX REVENUE INCREASES; TO AMEND SECTION 27-33-75, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF THE HOMESTEAD EXEMPTION FOR QUALIFIED HOMEOWNERS WHO ARE 65 YEARS OF AGE OR OLDER OR WHO ARE TOTALLY DISABLED IN COUNTIES THAT HAVE COMPLETED AN UPDATE IN THE VALUATION OF CLASS I PROPERTY AFTER JANUARY 1, 2008, AND FOR WHICH THE STATE TAX COMMISSION HAS CERTIFIED THAT SUCH NEW VALUATIONS HAVE BEEN IMPLEMENTED FOR THE PURPOSES OF AD VALOREM TAXATION; AND FOR RELATED PURPOSES.

In the House of Representatives

• Sidney Bondurant

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 19 – Feb 3

1. Jan 19Referred to the House committees on Ways and Means and on County Affairs
2. Feb 3Died in committee in the House