MS HB425

Requires tax assessors to proactively file applications with the board of supervisors to change, cancel, or decrease property assessments when they have knowledge of property destruction or depreciation due to fire, explosion, storm, flood, earthquake, lightning, or other natural disasters

Allows property owners to file their own applications with the board of supervisors by the last Monday in August if the tax assessor fails to file on their behalf for disaster-related property losses

Updates statutory references from "State Tax Commission" to "Department of Revenue" throughout the ad valorem tax assessment provisions

Reorganizes the existing list of circumstances permitting assessment changes from numbered items (1-14) to lettered subsections (a-n) for clarity

Effective date of July 1, 2021