MS HB1334

State of Mississippi shall reimburse City of Jackson for ad valorem tax revenue lost due to state ownership of property exempt from taxation under Section 27-31-1(b), Mississippi Code of 1972, beginning July 1, 2018, and annually thereafter.

Reimbursement amount equals the ad valorem tax revenue Jackson would have received if state-owned property was subject to taxation.

City of Jackson must use reimbursed funds to pay for increased infrastructure, law enforcement, and other public safety costs resulting from being the state capital.

State-owned property shall be assessed using the same procedures and methods applied to other taxable property under Mississippi Code Sections 27-35-1 through 27-35-167.

Act takes effect July 1, 2017.