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MS HB1850

Bill

Official Source

Status

Failed

2/26/2025

Primary Sponsor

Shane Barnett

Click for details

Origin

House of Representatives

2025 Regular Session

AI Summary

  • Starting in calendar year 2026, any increase in a property's true value exceeding 5% above the previous year's value is exempt from ad valorem taxation
  • The exemption does not apply to increases from construction, renovations, expansions, or improvements to property, except for those promoting energy efficiency, safety, or access
  • The exemption does not apply in the first year a property is classified under a different use or class than the prior year
  • The exemption is in addition to any other ad valorem tax exemptions already authorized by law
  • The bill brings forward Section 27-35-50 (true value determination methodology) and takes effect July 1, 2025

Legislative Description

Ad valorem tax; exempt portion of increase in true value of property under certain conditions.

Last Action

Died On Calendar

2/26/2025

Committee Referrals

Ways and Means2/25/2025

Full Bill Text

No bill text available