MS HB1331

Adds subsection (e) to Mississippi Code Section 27-35-50 establishing the appraisal method for ground leases on real property leased by the Mississippi State Port at Gulfport for ad valorem tax purposes.

Requires assessors to appraise ground leases based on actual net ground rent capitalized at a market value capitalization rate prescribed by the Department of Revenue reflecting prevailing commercial real estate capital costs in the geographical market.

Defines "ground leases" as leases where the Mississippi State Port at Gulfport is the landlord and a person or business entity is the tenant.

Specifies that "ground rent" includes only set-amount rent adjustable by market indices like the consumer price index, and excludes percentage rent, rent based on improvements, or other rental payment types.

Effective date is July 1, 2017.