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MS SB3004
Bill
AI Summary
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Reduces minimum population requirement from 25,000 to 20,000 for municipalities to grant ad valorem tax exemptions for new structures and renovations in business improvement districts, urban renewal districts, or redevelopment districts.
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Authorizes municipalities to grant ad valorem tax exemptions for new structures or improvements/renovations in residential renewal districts for up to 10 years.
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Authorizes municipalities to grant ad valorem tax exemptions for improvements or renovations of existing residential structures in residential renewal districts for up to 10 years.
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Exemptions exclude ad valorem taxes for school district purposes and require written application and municipal approval before taking effect.
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Effective date is July 1, 2018.
Legislative Description
Ad valorem tax exemption; expand certain ad valorem tax exemptions that municipalities are authorized to grant.
Last Action
Died In Committee
2/21/2018