MS HB1407

Removes existing provisions that prescribe the manner of appraising affordable rental housing for ad valorem tax purposes under Mississippi Code Section 27-35-50.

Exempts 35% of the true value of affordable rental housing from ad valorem taxation effective January 1, 2011.

Defines "affordable rental housing" as residential rental units subject to federal programs including Section 42 of the Internal Revenue Code, Home Investment Partnership Program, or Federal Home Loan Banks Affordable Housing Program, with occupancy and rental rates restricted based on tenant income.

Preserves all existing ad valorem tax claims, assessments, appeals, and liens accrued before the act's effective date.