MS SB2901

Requires counties and municipalities to follow specific notice and hearing procedures before levying ad valorem tax rates exceeding the revenue-neutral rate, which is calculated to generate the same revenue as the previous year using current assessed valuations.

Mandates tax assessors calculate and provide the revenue-neutral rate to taxing subdivisions by June 15 each year, and requires at least 14 days' notice to taxpayers by mail or electronic means before any public hearing on exceeding the rate.

Requires a public hearing by September 15 and majority vote of the governing body to approve any millage rate exceeding the revenue-neutral rate, with taxpayers given opportunity for oral testimony.

Requires refund of over-collected property taxes by March 1 if procedures are not followed, and reverts the following year's millage rate to the previous year's rate if the revenue-neutral rate is exceeded in violation of this act.

Exempts school district millage rates and taxing subdivisions receiving $5,000 or less in annual property tax revenue; takes effect January 1, 2025.