HB1235: Ad valorem tax; revise exemption for university, college, community or junior college foundation property.

Legislative Summary

An Act To Amend Section 27-31-1, Mississippi Code Of 1972, To Provide That The Ad Valorem Tax Exemption For Property Belonging To University, College, Community College And Junior College Foundations Applies To Property That Is Used Exclusively And Directly For Educational And Outreach Purposes And Is Not Leased Or Otherwise Used To Generate Revenue; And For Related Purposes.