MS SB2081

Authorizes homeowners required to purchase flood insurance by federal law or lender to claim a credit against ad valorem taxes owed on their homes.

Credit amount equals the difference between the annual flood insurance premium paid in the previous year and what the premium would have been if calculated based on 2013 rates.

Credit applies in the year of application and each subsequent year, with homeowners filing applications with the Department of Revenue by April 1 annually.

For properties in multiple taxing districts, the credit is allocated proportionally based on the ad valorem taxes owed to each district.

Takes effect January 1, 2014.