MS HB642

Removes existing provisions that specify how affordable rental housing must be appraised for ad valorem (property) tax purposes

Retains standard property valuation methods including income capitalization, cost approach, and market data approach as determined by the Department of Revenue

Maintains current use valuation for Class I and Class II property, including agricultural land, with specific capitalization rate requirements (minimum 10%) and moving average limits

Agricultural land valuation continues to consider soil types, productivity, and participation in federal conservation programs like the Conservation Reserve Program

Effective date of January 1, 2012