SB2968: Ad valorem tax; specify provisions for determining the true value of rural structures.

Legislative Summary

An Act To Amend Section 27-35-50, Mississippi Code Of 1972, To Specify Provisions For Determining The True Value Of Rural Structures For Ad Valorem Tax Assessment Purposes; To Require That The True Value Of Any Rural Structure Appraised Before January 1, 2025, Be Recalculated For 2025 And Subsequent Tax Years In Accordance With This Act, Beginning With A Reappraisal Of The True Value As Of The Year Of The Initial Appraisal; To Require The Tax Assessor, In Arriving At The True Value Of A Rural Structure In Operation On Or Before January 1, 2025, To Follow The Guidelines In The Department Of Revenue Appraisal Manual In Use Immediately Prior To The Version Revised December 2020; To Require The Tax Assessor, In Arriving At The True Value Of A Rural Structure Placed In Operation After January 1, 2025, To Follow The Guidelines In The Most Current Version Of The Department Of Revenue Appraisal Manual; To Provide That, After The Initial Appraisal, The True Value Of Such A Rural Structure Shall Be Based Solely On Depreciation At A Rate Of 7% Per Year; To Provide That Net Depreciation Of A Poultry House Shall Not Fall Below 20% Of The Original True Value; To Require That An Adjustment Of 45% For Economic Obsolescence Be Applied To All Poultry Houses Used In Commercial Farming Operations; And For Related Purposes.