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MS HB217
Bill
Status
2/5/2019
Primary Sponsor
Randal Rushing
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AI Summary
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Removes subsection (d) from Mississippi Code Section 27-35-50, which previously prescribed a specific appraisal procedure for affordable rental housing based on actual net operating income capitalized at a market rate adjusted for regulatory risk.
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Eliminates the requirement that owners of affordable rental housing provide annual statements of actual net operating income to county tax assessors by April 1 each year.
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Removes definitions of "affordable rental housing" and "land use regulation" that were tied to federal programs including Section 42 of the Internal Revenue Code, Home Investment Partnership Program, and Federal Home Loan Banks Affordable Housing Program.
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Leaves subsection (d) (formerly subsection e) regarding appraisal of ground leases at the Mississippi State Port at Gulfport intact and unchanged.
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Takes effect January 1, 2019.
Legislative Description
Ad valorem tax; remove the provision that prescribes the manner in which affordable rental housing must be appraised.
Last Action
Died In Committee
2/5/2019