MS SB2031

Municipality governing authorities may designate residential areas within their corporate limits as residential enterprise zones.

Residences qualifying for homestead exemption located in designated residential enterprise zones are exempt from ad valorem taxes (except school district taxes) for up to 5 years from the zone's designation date.

Property owners seeking the exemption must file a written application with municipal authorities providing property information, true value, and desired exemption start date.

Municipal governing authorities must approve applications by order if requirements are met, specifying the exempted property and exemption dates, with the municipal clerk recording the application and approval order.

Any exemption granted under this act replaces ad valorem tax exemptions available under other state laws.