MS HB1232

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

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

The exemption terminates when a homeowner occupies the property; for multi-parcel developments, the exemption continues for each parcel until its residence is occupied by a homeowner.

Exemption requests must be submitted in writing with information required by the local taxing authority and recorded in official meeting minutes.

The act takes effect upon passage.