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MS HB1217
Bill
Status
4/12/2018
Primary Sponsor
Charles Busby
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AI Summary
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Decreases the population threshold for municipalities to grant ad valorem tax exemptions from 25,000 to 20,000 residents in business improvement districts, urban renewal districts, and redevelopment districts.
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Authorizes municipalities to grant ad valorem tax exemptions (excluding school district taxes) for improvements or renovations in municipally designated residential renewal districts for up to 10 years from completion.
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Authorizes municipalities to grant ad valorem tax exemptions (excluding school district taxes) for improvements or renovations in municipally designated residential renovation districts for up to 10 years from completion.
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Requires applicants to file written applications within 12 months of project completion and specifies that municipal clerks must record approvals and file copies with the Department of Revenue.
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Takes effect July 1, 2018.
Legislative Description
Ad valorem taxes; provide certain exemptions for business, residential renewal and residential renovation districts in municipalities.
Last Action
Approved by Governor
4/12/2018