MS HB428

Removes Section 27-35-50(4)(d) from Mississippi Code of 1972, which previously 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.

Removes the definition of "affordable rental housing" tied to federal programs including Section 42 of the Internal Revenue Code, the Home Investment Partnership Program, and the Federal Home Loan Banks Affordable Housing Program.

Removes the definition of "land use regulation" relating to restrictions on resident income and maximum rental rates for affordable rental housing.

Changes references from "State Tax Commission" to "Department of Revenue" throughout the section and takes effect January 1, 2016.