MS HB1456

Allows land leased for hunting or fishing purposes to qualify for agricultural property valuation, provided income from such leases may be used with other criteria to determine true value.

Modifies capitalization rates and moving averages for agricultural land appraisals starting in 2021: timber land uses a 12% capitalization rate with a 10-year moving average, while other agricultural land transitions from a 4-year average in 2021 to a 10-year average by 2027.

Permits income derived from hunting or fishing leases to be combined with other relevant criteria when determining true value of agricultural land, similar to existing provisions for federal conservation program participation.

Maintains existing provisions that agricultural land appraisals be based on current use regardless of location, and prohibit consideration of prospective alternative uses.

Effective date: July 1, 2019.