MS SB2096

Authorizes municipal governing authorities to designate residential areas within their corporate limits as residential enterprise zones.

Provides that residences qualifying for homestead exemption under Mississippi Code Chapter 33, Title 27 located in a designated residential enterprise zone are exempt from ad valorem taxation (except school district taxes) for up to 5 years from the zone's designation date.

Requires property owners seeking the exemption to file a written application with the municipality including property information and true value; the municipal governing authorities must approve by order and record the application in the municipal clerk's office.

Specifies that any exemption granted under this section replaces all other ad valorem tax exemptions the property might otherwise qualify for.

Takes effect July 1, 2011.