MS HB511

Amends Section 27-35-4 of the Mississippi Code to change the assessment rate for Class V property (motor vehicles) from 10% to 15% of true value for ad valorem taxation purposes.

Class I property remains assessed at 10% of true value; Class II and III property assessed at 15% of true value; Class IV property assessed at 30% of true value.

Effective date is January 1 of the year following certification by the Secretary of State that a constitutional amendment to Section 112 of the Mississippi Constitution of 1890 has passed (as referenced in House Concurrent Resolution, 2019 Regular Session).