MS HB1228

Allows land leased for hunting or fishing purposes to be classified as agricultural land for property tax appraisal purposes, provided it meets other agricultural use criteria.

Permits income derived from hunting or fishing leases to be combined with other valuation criteria when determining the true value of agricultural land.

Revises the income capitalization approach for agricultural land appraisals beginning in 2022, establishing a 12% minimum capitalization rate for timber production and gradually increasing moving averages for other land (4 years in 2022, increasing annually to 10 years by 2028).

Maintains existing provisions allowing participation in federal conservation programs without disqualifying land from agricultural classification, and allows income from those programs to be used in determining true value.

Takes effect July 1, 2020.