Bill Text: MS SB2944 | 2014 | Regular Session | Introduced
Bill Title: Ad Valorem taxes; counties and municipalities may exempt certain residential rental structures.
Sponsorship: Partisan Bill (Republican 1)
Status: (Failed) 2014-02-26 - Died In Committee [SB2944 Detail]
Download: Mississippi-2014-SB2944-Introduced.html
MISSISSIPPI LEGISLATURE
2014 Regular Session
To: Finance
By: Senator(s) Hopson
Senate Bill 2944
AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF A MUNICIPALITY TO EXEMPT FROM MUNICIPAL AD VALOREM TAXES, EXCLUDING AD VALOREM TAXES FOR SCHOOL DISTRICT PURPOSES, FOR A PERIOD OF NOT MORE THAN 7 YEARS, ANY PRIVATELY OWNED RESIDENTIAL RENTAL STRUCTURES THAT ARE RENOVATED OR IMPROVED, BUT ONLY IF THE RESIDENTIAL RENTAL STRUCTURES ARE RENOVATED OR IMPROVED PURSUANT TO THE REQUIREMENTS OF THE MUNICIPALITY FOR THE DEVELOPMENT OF THE AREA IN WHICH THE RESIDENTIAL STRUCTURE IS LOCATED; TO AUTHORIZE THE BOARD OF SUPERVISORS OF A COUNTY TO EXEMPT FROM COUNTY AD VALOREM TAXES FOR A PERIOD OF NOT MORE THAN 7 YEARS, PRIVATELY OWNED RESIDENTIAL RENTAL PROPERTY THAT HAS BEEN GRANTED AN EXEMPTION BY A MUNICIPALITY UNDER THIS ACT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The governing authorities of any municipality may, in their discretion, exempt from any or all municipal ad valorem taxes, excluding ad valorem taxes for school district purposes, for a period of not more than seven (7) years, any privately owned residential rental structures lying within the municipality that are renovated or improved, but only if the residential rental structures are renovated or improved pursuant to the requirements of the municipality for the development of the area in which the residential structure is located. The tax exemption authorized in this section may be granted only after written application has been made to the governing authorities of the municipality by any person, firm or corporation claiming the exemption.
SECTION 2. The board of supervisors of any county in which there is located a municipality described in Section 1 of this act may, in its discretion, exempt from any or all county ad valorem taxes, excluding ad valorem taxes for school district purposes, for a period of not more than seven (7) years, any privately owned residential rental structures if an exemption has been granted by the municipality in accordance with the provisions of Section 1 of this act. The exemption from county ad valorem taxes may be granted only upon written application to the board of supervisors of the county by any person, firm or corporation claiming the exemption. A copy of the order of the governing authorities of the municipality granting an exemption from municipal ad valorem taxes shall be attached to the application as an exhibit.
SECTION 3. This act shall take effect and be in force from and after July 1, 2014.
