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MS HB4068

Bill

Official Source

Status

Failed

2/25/2026

Primary Sponsor

Kevin Horan

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Creates a property tax exemption effective January 1, 2027, for the difference between a property's assessed true value and what it would be if valued as agricultural land
  • Applies to "eligible land" defined as parcels containing natural areas, waterways, creeks, ponds, ditches, trees, and areas capable of sod harvesting, excluding commercial and residential structures
  • Exemption calculated by subtracting the agricultural use valuation (using Department of Revenue soil types, productivity criteria, and income capitalization) from the non-agricultural assessed value
  • Agricultural land valuation uses a minimum 10% capitalization rate with a 10-year moving average (phased in through 2028) and limits annual value changes to 4%
  • Takes effect July 1, 2026

Legislative Description

Ad valorem tax; exempt portion of true value of certain land.

Last Action

Died In Committee

2/25/2026

Committee Referrals

Ways and Means2/24/2026

Full Bill Text

No bill text available