House Bill 1479

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 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) From and after July 1, 2006, in determining the true value of a motorcycle 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.

SECTION 2. This act shall take effect and be in force from and after July 1, 2006.