Mississippi HB718 revises the distribution of ad valorem taxes on property with disallowed homestead exemptions.
Mississippi HB718 amends Section 27-33-51 of the Mississippi Code of 1972 to change how ad valorem taxes are distributed when a homestead exemption is disapproved or disallowed due to non-compliance with state income tax laws. The tax collector must remit an amount equal to the additional ad valorem taxes to the Department of Revenue, which applies it against the taxpayer's income tax obligation. The bill also updates sections 27-41-77, 27-45-1, and 27-45-5 to clarify the disposition of excess proceeds from the sale of land for nonpayment of ad valorem taxes.
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