MS HB863

Transfers assessment authority for railroads and public service corporations from the State Tax Commission to the Department of Revenue.

Changes filing deadline for property schedules from the first Monday in April to the first day of April and reduces the extension period from 30 days to 20 days.

Reduces the objection period for assessments from 30 days to 20 days and requires taxpayers to specify relief requested and present detailed arguments when filing objections.

Changes the apportionment filing deadline from August 1 to the last day of the objection period established in the assessment process.

Modifies penalty provisions for railroads, public service corporations, and railroad car companies to allow the Department of Revenue to impose penalties rather than requiring automatic payment.