MS SB2042

Amends Section 27-35-50 of Mississippi Code regarding the appraisal of property for ad valorem taxation purposes.

Removes provisions prescribing specific appraisal methods for affordable rental housing to determine true value.

Maintains existing requirements for appraisal approaches (income capitalization, cost approach, and market data approach) as determined by the Department of Revenue.

Preserves current use valuation rules for Classes I and II property and agricultural land with specific income capitalization requirements and moving averages.

Takes effect January 1, 2012.