MS HB537

Amends Section 27-35-4 of Mississippi Code to change the ad valorem tax assessment rate for motor vehicles (Class V property) from 30% to 15% of true value.

Maintains the 10% assessment rate for Class I property and keeps the 15% rate for Class II and III property.

Keeps the 30% assessment rate for Class IV property.

Takes effect January 1 in the year following certification by the Secretary of State that a related constitutional amendment (House Concurrent Resolution No. ___, 2018 Regular Session) has been approved.