MS SB2897

Authorizes the City of Jackson to establish special local improvement assessment districts and levy up to 6 mills on taxable real property within those districts, contingent on a resolution and a petition signed by owners of at least 60% of the taxable property in the proposed district.

Requires public hearings with at least two weeks' notice before establishing districts; allows modifications to district boundaries only with a petition from owners of at least 70% of the taxable property and another public hearing.

Permits district revenues to be used for local improvements including parks, sidewalks, streets, security enhancements, private patrol services, and property acquisition/rehabilitation, plus related administrative costs.

Authorizes issuance of bonds payable solely from special assessments (not pledging the municipality's full faith and credit) without an election and without counting against the municipality's debt limitation.

Excludes special assessments from statutory tax levy limitations; specifies that homeowners' associations managing districts must audit their books annually and maintain separate accounting for assessment proceeds.