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MS SB2939
Bill
Status
2/26/2014
Primary Sponsor
Nickey Browning
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AI Summary
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Removes the special appraisal method for affordable rental housing that required valuation based on actual net operating income capitalized at market rates reflecting prevailing capital costs and risk adjustments
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Eliminates the requirement for affordable rental housing owners to submit annual statements of actual net operating income to county tax assessors by April 1 each year
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Deletes definitions of "affordable rental housing" (housing subject to Section 42 of the Internal Revenue Code, HOME program, or similar federal/state affordable housing programs) and "land use regulation" from the tax code
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Updates terminology throughout the statute to replace "State Tax Commission" with "Department of Revenue"
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Effective date: 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
2/26/2014