MS HB1564

County boards of supervisors and municipal governing authorities may grant partial ad valorem tax exemptions on agricultural property being converted to residential use.

Exemption amount equals the difference between the assessed value for agricultural use and the assessed value for residential use.

Exemption terminates when the property is occupied by a homeowner, or for multi-parcel developments, when each individual parcel's residence is occupied by a homeowner.

Exemption requests must be submitted in writing with information required by the local taxing authority and recorded in the minutes of the board or governing body.

Act takes effect upon passage.