MS HB37

Brings forward seven sections of Mississippi Code (27-35-15, 27-35-47, 27-35-49, 27-35-50, 27-35-113, 27-35-147, and 27-35-165) related to property assessment for ad valorem taxation without making substantive changes to the existing law

Maintains requirements for tax assessors to annually appraise all personal property at true value, assess land according to true value considering improvements, and use income capitalization, cost approach, and market data approaches when determining property values

Preserves special valuation rules for agricultural land, requiring assessment based on current use with a capitalization rate of at least 10% and income averaging of up to 10 years, with annual variation limits of 10%

Continues Department of Revenue oversight authority to examine county assessment rolls, establish performance standards for assessment accuracy, and withhold homestead exemption reimbursements from non-compliant counties

Effective date of July 1, 2010