MS HB255

Removes the requirement that affordable rental housing be appraised using actual net operating income capitalized at a market-based rate set by the Department of Revenue.

Eliminates the mandate for owners of affordable rental housing to provide annual statements of actual net operating income to county tax assessors by April 1.

Deletes the definitions of "affordable rental housing" (housing subject to Section 42 of the Internal Revenue Code or other federal/state affordable housing programs) and "land use regulation" from the appraisal statute.

Leaves provisions for appraising ground leases at the Mississippi State Port at Gulfport using net ground rent capitalized at a market value capitalization rate.

Effective January 1, 2018.