MS HB835

Changes how affordable rental housing true value is determined for property tax purposes by using independent cost certification (hard construction costs and land costs for new housing; hard construction costs, land costs, and acquisition costs for rehabilitated housing) instead of net operating income capitalization method.

Exempts 65% of the true value of affordable rental housing from ad valorem taxation effective January 1, 2013.

Authorizes the Department of Revenue to place homestead exemption reimbursements into escrow if a county fails to comply with the new affordable rental housing valuation method.

Removes reference to "double" bond requirement in tax assessment appeals, allowing flexibility in bond amounts (minimum $100) when appealing board of supervisors decisions to circuit court.

Replaces references to "State Tax Commission" with "Department of Revenue" throughout the statute to reflect administrative restructuring.