MS HB1461

Amends Mississippi Code Section 27-35-157 to allow taxpayers to pay back ad valorem taxes without penalty or interest if property escaped taxation due to a county board of supervisors inadvertently extending an authorized tax exemption beyond its lawful period.

The penalty waiver applies only to exemptions authorized under Sections 27-31-101 through 27-31-117 where the county board granted the exemption but mistakenly allowed it to continue beyond the authorized timeframe.

Creates two versions of Section 27-35-157: the current version (through June 30, 2020) includes the penalty waiver provision, while the version effective July 1, 2020 reverts to standard penalty and interest collection procedures.

Brings forward Section 27-35-155, which governs assessment of property that has escaped taxation and establishes a seven-year statute of limitations for assessor authority to assess such property.

Takes effect upon passage.