Bill
Bill > HB1137
MS HB1137
MS HB1137Ad valorem tax; revise certain provisions regarding the determination of true value of land used for agricultural purposes.
summary
Introduced
01/18/2021
01/18/2021
In Committee
02/16/2021
02/16/2021
Crossed Over
02/03/2021
02/03/2021
Passed
03/11/2021
03/11/2021
Dead
Signed/Enacted/Adopted
03/18/2021
03/18/2021
Introduced Session
2021 Regular Session
Bill Summary
An Act To Amend Section 27-35-50, Mississippi Code Of 1972, To Revise Certain Provisions Regarding Use Of An Income Capitalization Approach As A Criteria For The Calculation Of True Value For Land Used For Agricultural Purposes; To Provide That Government Payments And Crop Insurance Indemnities Shall Not Be Included In Determining The True Value Of Land Used For Agricultural Purposes And That A Charge For Crop Management Equal To Twenty-five Percent Of The Sum Of A Crop's Estimated Variable Cost, Machinery Ownership Cost, And General Farm Overhead Cost, Shall Be Deducted In Determining The True Value Of Such Land; To Provide That The Fact That Land Is Leased For Hunting Or Fishing Purposes Shall Not Preclude The Land From Being Deemed To Be Used For Agricultural Purposes; To Provide That Income Derived From A Hunting Or Fishing Lease May Be Used In Combination With Other Relevant Criteria To Determine The True Value Of Land; And For Related Purposes.
AI Summary
This bill revises certain provisions regarding the determination of true value for land used for agricultural purposes in Mississippi. It specifies that government payments and crop insurance indemnities shall not be included in determining the true value of such land, and that a charge for crop management equal to 25% of the sum of a crop's estimated variable cost, machinery ownership cost, and general farm overhead cost, shall be deducted in determining the true value. The bill also provides that the fact that land is leased for hunting or fishing purposes shall not preclude the land from being deemed to be used for agricultural purposes, and that income derived from a hunting or fishing lease may be used in combination with other relevant criteria to determine the true value of the land. The bill takes effect on July 1, 2021.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Approved by Governor (on 03/18/2021)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...