Bill Text: MS SB2031 | 2010 | Regular Session | Introduced
Bill Title: Ad valorem taxes; authorize cities to designate areas in which certain residences are exempt from city ad valorem taxes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2010-02-24 - Died In Committee [SB2031 Detail]
Download: Mississippi-2010-SB2031-Introduced.html
MISSISSIPPI LEGISLATURE
2010 Regular Session
To: Finance; Municipalities
By: Senator(s) McDaniel
Senate Bill 2031
AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF ANY MUNICIPALITY TO DESIGNATE ANY RESIDENTIAL AREA WITHIN THE CORPORATE LIMITS OF THE MUNICIPALITY AS A RESIDENTIAL ENTERPRISE ZONE; TO PROVIDE THAT RESIDENCES THAT QUALIFY FOR HOMESTEAD EXEMPTION THAT ARE LOCATED IN A RESIDENTIAL ENTERPRISE ZONE SHALL BE EXEMPT FROM AD VALOREM TAXATION, EXCEPT AD VALOREM TAXATION FOR SCHOOL DISTRICT PURPOSES, FOR A PERIOD OF NOT MORE THAN 5 YEARS FROM THE DATE THE AREA IN WHICH IT IS LOCATED WAS DESIGNATED A RESIDENTIAL ENTERPRISE ZONE; TO REQUIRE ANY PERSON DESIRING TO OBTAIN THE EXEMPTION AUTHORIZED IN THIS SECTION TO FILE A WRITTEN APPLICATION THEREFOR WITH THE GOVERNING AUTHORITIES OF THE MUNICIPALITY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) The governing authorities of any municipality may designate any residential area within the corporate limits of the municipality as a residential enterprise zone.
(2) Residences that qualify for homestead exemption under Chapter 33, Title 27, Mississippi Code of 1972, that are located within the boundaries of a residential enterprise zone designated as such pursuant to subsection (1) of this section, shall be exempt from ad valorem taxation, except ad valorem taxation for school district purposes, for a period of not more than five (5) years from the date the area in which it is located was designated a residential enterprise zone.
(3) Any person desiring to obtain the exemption authorized in this section shall first file a written application therefor with the governing authorities of the municipality, providing full information about the property for which the exemption is requested, including the true value of all such property, and the date from which the exemption is to begin. The governing authorities of the municipality shall, by order spread on their minutes, approve such application if the requirements of this section is satisfied. The order shall specify the property to be exempted and the dates when such exemption begins and expires. The municipal clerk shall record the application and the order approving the same in a book kept in his office for that purpose.
(4) Any exemption granted under this section shall be in lieu of ad valorem tax exemptions authorized under any other provision of law.
SECTION 2. This act shall take effect and be in force from and after July 1, 2010.
