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MS HB501
Bill
Status
2/2/2010
Primary Sponsor
John Moore
Click for details
AI Summary
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Requires municipalities and counties to calculate a "revenue-neutral" millage rate when assessed property valuations increase, reducing the millage rate so that projected revenue for the next fiscal year equals the current year's revenue
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Uses this reduced millage rate as the baseline for determining whether a proposed tax levy constitutes an increase from the previous year, rather than using the actual prior year millage rate
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Applies the revenue-neutral calculation requirement to general municipal taxes, county road and bridge levies, and all other county ad valorem tax levies subject to the existing 10% annual increase limitation
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Maintains existing requirements that any proposed rate or levy increase from the previous fiscal year must be publicly advertised in accordance with state law
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Effective date of July 1, 2010
Legislative Description
Ad valorem tax; require cities/counties to reduce millage rate for purposes of proposed increase where assessed value increases.
Last Action
Died In Committee
2/2/2010