HB1850: Ad valorem tax; exempt portion of increase in true value of property under certain conditions.

Legislative Summary

An Act To Provide That For Calendar Year 2026 And For Each Calendar Year Thereafter, If The True Value Of Any Property Determined For Ad Valorem Taxation Purposes Increases By More Than 5% Above The True Value Of The Property For The Next Preceding Year, The Portion Of The True Value Of The Property That Is More Than 5% Above The True Value Of The Property For The Next Preceding Year Shall Be Exempt From Ad Valorem Taxation; To Bring Forward Section 27-35-50, Mississippi Code Of 1972, Which Provides For The Determination Of True Value Of Property For Ad Valorem Taxation Purposes, For The Purposes Of Possible Amendment; And For Related Purposes.