MS HB71

Amends Section 27-35-50 of the Mississippi Code to remove provisions prescribing how affordable rental housing appraisals must be conducted for ad valorem tax purposes.

Retains existing language requiring tax assessors to consider income capitalization, cost approach, and market data approaches when determining true value of property.

Maintains current rules for Class I and Class II property appraisals based on current use regardless of location.

Keeps existing agricultural land valuation standards including income capitalization approach with 10% capitalization rate and moving averages up to 10 years.

Takes effect January 1, 2010.