MS HB1104

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 capitalization rate.

Eliminates the requirement that owners of affordable rental housing provide annual statements of actual net operating income to county tax assessors by April 1 each year.

Deletes definitions of "affordable rental housing" (residential units subject to federal programs like Section 42 of the Internal Revenue Code with income-restricted occupancy) and "land use regulation" (restrictions on resident income and maximum rental rates).

Replaces references to "State Tax Commission" with "Department of Revenue" throughout the section regarding property appraisal methods and regulatory authority.

Takes effect January 1, 2015.