HB1990 - Ad valorem tax; authorize counties to establish minimum revenue amount to be produced by certain property.
John Thomas Lamar
Last updated 6 months ago
1 Co-Sponsor
An Act To Authorize County Boards Of Supervisors To Establish A Minimum Ad Valorem Tax Revenue Amount To Be Produced From Parcels Of Residential Property; To Provide That If After The Adoption Of The Annual Millage Rate For A Fiscal Year, It Is Determined That Such Millage Rate Levied Upon A Parcel Of Residential Property Will Not Produce The Required Minimum Ad Valorem Tax Revenue Amount, The County May Levy Ad Valorem Tax At An Additional Millage Upon The Property Necessary To Produce The Minimum Ad Valorem Tax Revenue Amount; To Provide That If A County Levies Additional Millage Rates On Parcels Of Residential Property During A Fiscal Year And The Revenue Produced By The Additional Millages During The Fiscal Year, When Added To The County's Budgeted Ad Valorem Tax Revenues, Results In Total Ad Valorem Tax Revenue In Excess Of That Provided In The County Budget, The Board Of Supervisors Shall Use The Excess Revenue For The Purpose Of Reducing Ad Valorem Taxes For The Next Fiscal Year; To Bring Forward Section 27-39-303, Mississippi Code Of 1972, Which Provides For General County Ad Valorem Tax Levies, For The Purposes Of Possible Amendment.
STATUS
Failed