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MS HB1077
Bill
Status
2/4/2014
Primary Sponsor
Randal Rushing
Click for details
AI Summary
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Removes subsection (4)(d) from Mississippi Code Section 27-35-50, which prescribed a specific appraisal procedure for affordable rental housing based on actual net operating income capitalized at a market value rate.
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Eliminates the requirement for affordable rental housing owners to provide annual statements of actual net operating income to county tax assessors by April 1.
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Deletes the definition of "affordable rental housing" tied to federal programs including Section 42 of the Internal Revenue Code, the Home Investment Partnership Program, and Federal Home Loan Banks Affordable Housing Program.
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Updates references throughout the statute from "State Tax Commission" to "Department of Revenue" to reflect administrative reorganization.
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Takes effect January 1, 2014.
Legislative Description
Ad valorem taxes; remove the provision that prescribes the manner in which affordable rental housing must be appraised.
Last Action
Died In Committee
2/4/2014