MS HB1232

County tax assessors must submit annual reports to the State Department of Education before February 1 each year containing property assessment information for each school district, including total assessed valuation of nonexempt property, exempt property values for homeowners 65+ or disabled, tax losses from other exemptions, and homestead reimbursement revenues

The reported assessment data is used by the Department of Education to calculate each school district's required local contribution toward the Mississippi Adequate Education Program (MAEP)

The State Department of Education must provide standardized forms to county tax assessors for submitting the required assessment reports

Amends existing education code sections to clarify that the Department of Education shall determine property assessment information from the annual reports submitted by county tax assessors rather than calculating it independently

Effective date of July 1, 2012