MS HB1340

Amends Section 27-35-50 of the Mississippi Code to change the maximum annual variation in assessed value for agricultural land from 10% to 4% beginning in 2019 and thereafter.

Establishes appraisal procedures for ground leases at the Mississippi State Port at Gulfport, requiring assessments based on actual net ground rent capitalized at market value rates prescribed by the Department of Revenue.

Defines "ground leases," "ground rent," "percentage rent," and "rent based on improvements" for purposes of appraising Mississippi State Port at Gulfport leased properties for ad valorem tax purposes.

Replaces references to the "State Tax Commission" with "Department of Revenue" throughout the section.

Effective date: July 1, 2017.