HB964

Mississippi HB964 revises ad valorem tax provisions for agricultural land, affecting nonresident aliens and rural structures.

Mississippi HB964 amends the Mississippi Code to revise the method for determining the true value of agricultural land for ad valorem tax purposes. The bill specifies that the true value of agricultural land, including aquaculture, should be determined using the income capitalization approach. It also defines "nonresident alien" and "majority part" for tax purposes. For land owned or possessed by nonresident aliens, the true value is fixed at the initial appraisal. The bill introduces new guidelines for valuing rural structures, including a minimum depreciation rate for poultry houses.