MS HB473

Authorizes county boards of supervisors and municipal governing authorities to grant partial ad valorem tax exemptions on agricultural property being converted to residential use.

Exemption amount equals the difference between the assessed value for agricultural use and the assessed value for residential use.

Exemption terminates when the property is occupied by a homeowner; for multi-parcel developments, exemption continues for each parcel until its residence is occupied.

Requires exemption requests to be submitted in writing with information the local authority requires, and mandates recording of approved exemptions in official minutes.

Takes effect upon passage.