MS HB1990

County boards of supervisors may establish a minimum ad valorem tax revenue amount to be produced from residential property parcels.

If the adopted annual millage rate will not produce the required minimum revenue from a residential property parcel, the county may levy an additional millage rate necessary to reach that minimum amount.

If additional millages levied during a fiscal year result in total ad valorem tax revenue exceeding the county budget, the board of supervisors must use excess revenue to reduce ad valorem taxes in the following fiscal year.

Section 27-39-303 of the Mississippi Code is brought forward, authorizing county boards of supervisors to levy ad valorem taxes on taxable property for general county purposes at a rate necessary to fund such purposes.

Effective date: July 1, 2024.