MS HB1137

Revises the income capitalization moving average for agricultural land (except timber) starting in 2022: four years for 2022, increasing by one year annually until reaching ten years in 2028 and thereafter

Excludes government payments and crop insurance indemnities from calculations when determining the true value of agricultural land for property tax purposes

Requires a 25% management charge deduction based on the sum of a crop's estimated variable cost, machinery ownership cost, and general farm overhead cost when calculating true value

Specifies that land leased for hunting or fishing purposes still qualifies as agricultural land, and income from hunting or fishing leases may be used alongside other criteria to determine true value

Effective date: July 1, 2021