MS HB379

Amends Section 27-35-4 of the Mississippi Code to change the assessment rate for motor vehicles (Class V property) from 30% to 15% of true value for ad valorem taxation purposes.

Reclassifies motor vehicles from Class IV property to Class II property under the assessment framework established in Section 112 of the Mississippi Constitution of 1890.

Becomes effective on January 1 in the year following the year when the Secretary of State certifies passage of a related constitutional amendment proposed in House Concurrent Resolution No. ___, 2023 Regular Session.

Maintains the 10% assessment rate for Class I property and 30% rate for Class IV property, while establishing 15% as the assessment rate for Class II, Class III, and Class V property.