HB4068

Mississippi HB4068 modifies ad valorem tax rules for certain land, including agricultural and rural structures.

Mississippi HB4068 revises the rules for determining the true value of property for ad valorem taxation purposes. It specifies that the true value of eligible land, including agricultural land and rural structures, should be determined based on its current use and other relevant factors. The bill exempts certain land from ad valorem taxation if its true value is determined differently from agricultural land. It also outlines specific valuation methods for different types of property, such as income capitalization and cost approaches.