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MS HB139
Bill
Status
1/31/2017
Primary Sponsor
Bill Kinkade
Click for details
AI Summary
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Removes subsection (4)(d) from Section 27-35-50, 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.
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Eliminates the requirement for owners of affordable rental housing to provide county tax assessors with annual statements of actual net operating income by April 1 each year.
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Deletes the definition of "affordable rental housing" that included properties subject to Section 42 of the Internal Revenue Code and various federal affordable housing programs with income and rental rate restrictions.
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Changes references from "State Tax Commission" to "Department of Revenue" throughout the section for administrative consistency.
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Effective date: January 1, 2017.
Legislative Description
Ad valorem tax; remove the provision that prescribes the manner in which affordable rental housing must be appraised.
Last Action
Died In Committee
1/31/2017