MS HB1227

Brings forward Section 27-35-50 of Mississippi Code regarding determination of true value of property for ad valorem taxation purposes, including market value, cost approach, and income capitalization approach methods.

Specifies that agricultural land appraisals use income capitalization with a minimum 10% capitalization rate and a moving average of no more than 10 years, with annual value variation limits of 4% or less starting in 2019.

Establishes special appraisal procedures for affordable rental housing based on actual net operating income capitalized at market rates, with owners required to provide net operating income statements by April 1 annually.

Brings forward Section 27-35-87 requiring county boards of supervisors to examine assessment rolls, identify omitted or undervalued property, and make corrections during equalization meetings.

Brings forward Section 27-35-89 requiring boards of supervisors to meet on the first Monday of August to hear taxpayer objections to assessments and equalize property valuations, with decisions required by the first Monday of September if objections are taken under advisement.