Bill Text: MS SB3034 | 2010 | Regular Session | Introduced
Bill Title: Homestead exemption reimbursement; prohibit under certain conditions.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2010-02-02 - Died In Committee [SB3034 Detail]
Download: Mississippi-2010-SB3034-Introduced.html
MISSISSIPPI LEGISLATURE
2010 Regular Session
To: Finance
By: Senator(s) Jackson (15th)
Senate Bill 3034
AN ACT TO CREATE NEW CODE SECTION 27-33-81, MISSISSIPPI CODE OF 1972, TO PROHIBIT THE DEPARTMENT OF REVENUE FROM DISTRIBUTING HOMESTEAD EXEMPTION REIMBURSEMENT FUNDS TO ANY LOCAL TAXING DISTRICT WHEREIN THE APPRAISED VALUE OF PROPERTY HAS INCREASED AND THE LOCAL TAXING DISTRICT HAS NOT PUBLISHED, IN A NEWSPAPER OF GENERAL CIRCULATION, A NOTICE SHOWING THE MILLAGE RATE THAT WOULD HAVE PRODUCED THE SAME REVENUES COLLECTED IN THE PRECEDING FISCAL YEAR; TO AMEND SECTIONS 27-33-77 AND 27-33-79, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The following shall be codified as Section 27-33-81, Mississippi Code of 1972:
27-33-81. The Department of Revenue shall not distribute any funds appropriated for purposes of homestead exemption reimbursements authorized by Section 27-33-77 to any county, municipality, school district, or other taxing district in which the assessed valuation of the taxing district has increased as a result of reappraisal of the property of the taxing district unless the governing board of the taxing district has published a notice in a newspaper having a general circulation in the taxing district stating the lower millage rate that would produce the same amount of revenue from ad valorem taxation on property of the taxing district that was produced in the fiscal year before the property of the taxing district was reappraised.
SECTION 2. Section 27-33-77, Mississippi Code of 1972, is amended as follows:
27-33-77. Beginning with the 1985 supplemental roll, and for each succeeding year's roll thereafter, the amount of tax loss to be reimbursed because of exemptions provided for in this article shall, except as otherwise provided in Section 1 of this act, be Fifty Dollars ($50.00) each for county taxes exempted and school taxes exempted for a total of One Hundred Dollars ($100.00) per applicant qualifying for homestead exemption under this article.
The reimbursement received by the county shall be distributed by the county treasurer to the general fund.
Except as otherwise provided in Section 1 of this act, tax losses sustained by municipalities because of exemptions granted to homeowners described in subsection (2) of Section 27-33-67 shall be reimbursed up to the amount of the actual exemption allowed, not to exceed Two Hundred Dollars ($200.00) per qualified applicant.
The reimbursement received by a county, municipality or school district may be pledged as security for a loan if the reimbursement to the county or school district is otherwise authorized or required by law to be pledged as security for such a loan.
SECTION 3. Section 27-33-79, Mississippi Code of 1972, is amended as follows:
27-33-79. Notwithstanding the limitation imposed on reimbursement of tax losses in Section 27-33-77 and except as otherwise provided in Section 1 of this act, no taxing unit shall be reimbursed more than one hundred six percent (106%) or less than the amount of the reimbursement made to the same taxing unit, for the next preceding year, unless such reimbursement is reduced as a result of a reduction in approved homestead applicants; however, for the 1986 calendar year, no taxing unit shall be reimbursed less than the amount of the reimbursement made to the same taxing unit for the 1985 calendar year.
SECTION 4. This act shall take effect and be in force from and after July 1, 2010.
