MS SB2968

Specifies that rural structures (silos, grain storage bins, barns, and poultry houses, but not dwellings) appraised before January 1, 2025, must be recalculated for 2025 and subsequent tax years using the Department of Revenue appraisal manual in use immediately prior to December 2020.

Requires rural structures placed in operation after January 1, 2025, to be valued using the most current version of the Department of Revenue appraisal manual.

Establishes that after initial appraisal, rural structures depreciate at a straight-line rate of 7% per year, with poultry houses having a minimum net depreciation floor of 20% of original true value.

Applies a 45% economic obsolescence adjustment to all poultry houses used in commercial farming operations, effective from land roll 2009.

Takes effect January 1, 2025.