MS HB1564

Authorizes county boards of supervisors and municipal governing authorities to grant partial ad valorem tax exemptions for nonresidential property being converted to residential use

The exemption amount equals the difference between the assessed value for residential use and the assessed value for nonresidential use

Exemption ends when a homeowner occupies the property; for multi-parcel developments, each parcel's exemption ends individually upon homeowner occupancy

Property owners must submit written requests for the exemption containing information required by the county or municipality

Granted exemptions must be recorded in the official minutes of the approving board of supervisors or municipal governing authority