MS SB2944

Municipal governing authorities may exempt privately owned residential rental structures from municipal ad valorem taxes (excluding school district taxes) for up to 7 years if the structures are renovated or improved according to municipal development requirements.

County boards of supervisors may exempt the same residential rental structures from county ad valorem taxes (excluding school district taxes) for up to 7 years if the municipality has already granted an exemption under this act.

Tax exemptions require written application to the respective governing authority, with county applications requiring a copy of the municipal exemption order attached as an exhibit.

School district ad valorem taxes are excluded from all exemptions authorized under this act.

The act becomes effective July 1, 2014.