Exempts certain business personal property valued at $25 or less from ad valorem taxes.
Mississippi House Bill 947 provides an exemption from ad valorem taxes for certain business personal property owned by a business enterprise, used solely on the business premises, and valued at $25 or less. This exemption applies to furniture, fixtures, and equipment classified as personal property for ad valorem taxation. Excluded from this exemption are motor vehicles and property included in Class IV as defined in the Mississippi Constitution. The exemption takes effect from January 1, 2027.
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