MS SB2787

Requires appraisal of sixteenth section lands every five years to determine fair market rental value for lands classified as residential, farm-residential, recreational, catfish farming, and other categories.

Establishes a Sixteenth Section Land Complaint Tribunal consisting of the Attorney General (or representative) and State Auditor (or representative) to hear objections to land classifications within 90 days, replacing chancery court proceedings, with appeal rights de novo to chancery court.

Authorizes school boards to charge leaseholders for the cost of the first appraisal only; leaseholders cannot be charged for subsequent appraisals.

Caps annual rent increases for residential and farm-residential lands to not exceed the national Consumer Price Index (CPI) compounded annually over any five-year term.

Takes effect July 1, 2019.