MISSISSIPPI LEGISLATURE

2002 Regular Session

To: Ways and Means

By: Representative Fleming

House Bill 196

AN ACT TO PROVIDE THAT THE STATE OF MISSISSIPPI SHALL REIMBURSE A MUNICIPALITY FOR A PORTION OF THE AD VALOREM TAX LOSS SUSTAINED AS A RESULT OF STATE OWNERSHIP OF PROPERTY IN A MUNICIPALITY; TO PROVIDE THAT THE MONIES REIMBURSED TO A MUNICIPALITY UNDER THIS ACT SHALL BE DEPOSITED INTO THE GENERAL FUND OF SUCH MUNICIPALITY; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  (1) Beginning July 1, 2003, and each succeeding July 1 thereafter, the State of Mississippi shall reimburse any municipality in this state which sustains an ad valorem tax loss as a result of the ownership of the property described in Section 27-31-1(b), Mississippi Code of 1972, by the State of Mississippi. The amount of such reimbursement shall be fifty percent (50%) of the ad valorem tax loss.  For the purposes of this section, the term "ad valorem tax loss" means the amount of ad valorem tax revenue that a municipality would have received from ad valorem taxation of the property described in Section 27-31-1(b), Mississippi Code of 1972, if such property was not exempt from ad valorem taxation as a result of its ownership by the State of Mississippi.  The monies reimbursed to a municipality under this section shall be deposited into the general fund of such municipality. 

     (2)  For the purposes of this section, the property described in Section 27-31-1(b), Mississippi Code of 1972, that is owned by the State of Mississippi shall be assessed in the same manner and in accordance with the same procedure for the assessment of property under Sections 27-35-1 through 27-35-167, Mississippi Code of 1972.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2002.