MS HB1612

Authorizes municipalities with populations of 150,000 or more to create special local improvement assessment districts within homeowners' association boundaries upon petition signed by owners of at least 60% of taxable real property in the area.

Allows districts to levy up to 6 mills in additional property tax on taxable real property within the district, with the millage rate determined by the municipality based on a strategic plan submitted by the homeowners' association.

Requires an election in the proposed district where at least 60% of qualified electors voting must approve creation of the district; election notice must be published weekly for three consecutive weeks with first publication at least 21 days before the election.

Grants homeowners' associations authority to plan, design, construct, and manage local improvements including parks, sidewalks, streets, security enhancements, and landscape coordination within the district.

Requires homeowners' associations to maintain separate accounting for special assessment funds, undergo annual independent audits, post annual meeting notices online, and dissolve the district upon completion of improvements and satisfaction of all indebtedness; effective July 1, 2019.