MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Finance

By: Senator(s) Harden

AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF ANY MUNICIPALITY TO GRANT EXEMPTIONS FROM AD VALOREM TAXATION FOR RENOVATIONS OF OR IMPROVEMENTS TO ANY HOME IN THE MUNICIPALITY THAT IS NOT LESS THAN 20 YEARS OLD AND IS CLASSIFIED AS HOMESTEAD PROPERTY; TO LIMIT THE DURATION OF SUCH EXEMPTION; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) The governing authorities of any municipality are authorized, in their discretion, to grant exemptions from ad valorem taxation, except ad valorem taxation for school district purposes, for improvements to or renovations of existing homes located in the municipality that are not less than twenty (20) years old and are classified as homestead property. The renovations or improvements may be granted a total exemption for a period of not less than ten (10) years from the date of the completion of the improvement to or renovations of the home for which the exemption is granted. Each year after the expiration of the ten-year period, an additional twenty percent (20%) of the increase of the true value of the home as a result of the renovations or improvements shall no longer be exempt from ad valorem taxation.

(2) Any homeowner desiring to obtain the exemption authorized in this section shall first file a written application therefor with the governing authorities of the municipality, providing full information about the property for which the exemption is requested, including the true value of the home both before and after the renovations or improvements, and the date from which the exemption is to begin. Any application for an exemption under this section must be made within twelve (12) months from the date of the completion of the improvement to or renovation of the home for which the exemption is requested. The governing authorities of the municipality may, by order spread on their minutes, approve such application for all or any part of the property for which the exemption is requested and for all or any part of the authorized period of exemption. The order shall specify the property to be exempted and the dates when such exemption begins and expires. The municipal clerk shall record the application and the order approving the same in a book kept in his office for that purpose, and shall file one (1) copy of the application and the order with the Chairman of the State Tax Commission and one (1) copy with the State Auditor of Public Accounts.

(3) Any exemption granted under this section shall be in addition to ad valorem tax exemptions authorized under any other provision of law.

SECTION 2. This act shall take effect and be in force from and after July 1, 2000.