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MS SB2463
Bill
AI Summary
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Caps annual rental for sixteenth section school land classified as farm-residential at no more than 5% of the current market value of agricultural land in the county where the lease is located
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Applies the rental cap to any farm-residential land lease beginning on or after January 1, 2009
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Requires rent adjustment clauses in residential and farm-residential leases to not exceed both fair market rental value and the new 5% agricultural land value cap
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Amends Sections 29-3-63 and 29-3-69 of the Mississippi Code of 1972
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Effective date of July 1, 2011
Legislative Description
Sixteenth section school land; limit rent increases on farm-residential land.
Last Action
Died In Committee
2/1/2011
Full Bill Text
No bill text available