MS HB1878

Amends Section 27-35-50 of Mississippi Code to establish new valuation rules for rural structures (silos, grain storage bins, barns, and poultry houses) effective January 1, 2025.

Requires tax assessors to use Department of Revenue appraisal manual guidelines from before December 2020 revision for rural structures already in operation before January 1, 2025, with values recalculated starting from year of initial appraisal.

Establishes straight-line depreciation at 7% per year for rural structures after initial appraisal, with net depreciation capped at no more than 20% of original true value for poultry houses.

Applies a 45% economic obsolescence adjustment to all poultry houses used in commercial farming operations beginning with the 2009 land roll.

Takes effect January 1, 2025.