MS HB263

Beginning July 1, 2020, the State of Mississippi shall annually reimburse the City of Jackson for ad valorem tax revenue lost due to state ownership of tax-exempt property described in Section 27-31-1(b), Mississippi Code of 1972.

"Ad valorem tax loss" is defined as the amount of tax revenue Jackson would have received if the state-owned property was subject to ad valorem taxation.

Reimbursement monies shall be used by Jackson to pay for increased infrastructure, law enforcement, and public safety costs incurred as a result of being the state capital.

State-owned property shall be assessed in the same manner as other property under Sections 27-35-1 through 27-35-167, Mississippi Code of 1972, to calculate the reimbursement amount.

The act takes effect July 1, 2019.