MS HB301

Exempts 35% of the true value of affordable rental housing from ad valorem taxation, effective January 1, 2010.

Defines "affordable rental housing" as residential rental units subject to Section 42 of the Internal Revenue Code, the Home Investment Partnership Program, the Federal Home Loan Banks Affordable Housing Program, or similar federal or state affordable housing programs with income-restricted occupancy and rental rate limitations.

Removes specific appraisal provisions for affordable rental housing from Section 27-35-50 of the Mississippi Code of 1972.

Preserves all existing ad valorem tax claims, assessments, appeals, and liens accrued before the effective date of this act.