MS HB388

Requires counties and municipalities to calculate a "revenue-neutral" millage rate when assessed property valuations increase, reducing the millage rate so that the next fiscal year generates the same revenue as the current year

Uses the reduced millage rate as the baseline for determining whether a proposed tax levy constitutes an increase requiring public advertisement under existing notice requirements

Applies to county general taxes, road and bridge levies, municipal taxes, and all political subdivision ad valorem levies subject to the existing 10% annual revenue increase limitation

Prevents local governments from collecting additional revenue simply due to rising property assessments without triggering the formal increase approval and advertising process

Amends six sections of Mississippi Code (21-33-45, 27-39-305, 27-39-307, 27-39-317, 27-39-320, and 27-39-321) to implement these requirements uniformly across all local tax levy procedures