MS HB117

County boards of supervisors and municipal governing authorities may grant partial ad valorem tax exemptions on agricultural property being converted to residential use.

Exemption amount equals the difference between the assessed value for agricultural use and the assessed value for residential use.

Exemption terminates when the property is occupied by a homeowner; if multiple parcels are being developed, exemption continues for each parcel until its residence is occupied.

Exemption requests must be submitted in writing with information required by the local board or municipality, and approval must be recorded in official minutes.

Effective upon passage.