MS HB1307

Removes subsection (4)(d) from Mississippi Code Section 27-35-50, which previously prescribed a specific appraisal procedure for affordable rental housing based on actual net operating income capitalized at a market 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 definitions of "affordable rental housing" (housing subject to federal programs like Section 42 of the Internal Revenue Code with restricted rental rates based on occupant income) and "land use regulation" (restrictions on resident income or maximum rental rates).

Replaces references to "State Tax Commission" with "Department of Revenue" throughout the section regarding property valuation approaches.

Takes effect January 1, 2017.