2006 Regular Session
To: Ways and Means
By: Representative Reynolds, Moore, Formby, Akins, Staples, Montgomery
AN ACT TO AMEND SECTION 27-51-20, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A CERTAIN PORTION OF THE TRUE VALUE OF A MOTORCYCLE OR TRAILER AS DETERMINED BY THE STATE TAX COMMISSION FOR ASSESSMENT PURPOSES SHALL BE EXEMPT FROM AD VALOREM TAXES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-51-20, Mississippi Code of 1972, is amended as follows:
27-51-20. (1) Any assessment schedule prepared and adopted by the State Tax Commission pursuant to Section 27-51-19, Mississippi Code of 1972, shall have:
(a) The same depreciation periods and methods of valuation as used in the assessment schedule used for valuation of motor vehicles for the 1993 fiscal year; and
(b) The same assessed value for motor vehicles at the end of such depreciation periods as contained in the assessment schedule used for valuation of motor vehicles during the 1993 fiscal year.
(2) The difference between the assessment of a motor vehicle at true value and the assessment of such motor vehicle under an assessment schedule meeting the criteria established pursuant to subsection (1) of this section, shall be exempt from ad valorem taxation.
(3) Within fourteen (14) days after passage, in determining the true value of a motorcycle or trailer for the purpose of assessing the amount of ad valorem tax due, that portion of the true value that exceeds the true value of the vehicle as determined under methods used by the State Tax Commission for determining true value before September 1, 2005, shall be exempt from ad valorem tax. For the purposes of this subsection (3), the term "trailer" means every vehicle without motive power, designed to carry property or passengers wholly on its structure and which is drawn by a motor vehicle and upon which the owner is required to pay the annual highway privilege tax levied in Section 27-19-17. The term "trailer" shall include horse trailers, agricultural livestock trailers and utility trailers but shall not include semitrailers as defined in Section 27-19-3.
SECTION 2. This act shall take effect and be in force from and after July 1, 2006.