MS HB504

County boards of supervisors and municipal governing authorities may grant partial ad valorem tax exemptions on agricultural land being converted to residential use.

The exemption amount equals the difference between the assessed value of the property for agricultural use and its assessed value for residential use.

The exemption ends when the property is occupied by a homeowner, or for multi-parcel developments, when each individual residence is occupied by a homeowner.

Exemption requests must be submitted in writing with information required by the county or municipality, and approved exemptions must be recorded in the official minutes.

The act takes effect upon passage.