Mississippi 2024 Regular Session

Mississippi Senate Bill SB2467

Introduced
2/16/24  
Refer
2/16/24  

Caption

Municipal ad valorem taxes; exempt real property and motor vehicles in an annexed area for 12 months after annexation.

Impact

The implications of this bill are notably significant for municipalities and their revenue streams, as it could mean a temporary reduction in local tax income during a time of transition. Supporters of SB2467 argue that these exemptions will encourage development and investment in newly annexed areas by reducing the immediate financial impact on residents and businesses during the transition process. Opponents may contend that municipalities may face budgetary shortfalls as a result, limiting their ability to fund local services and infrastructure in the newly annexed territories.

Summary

Senate Bill 2467 proposes amendments to the Mississippi Code of 1972 that aim to exempt certain properties and vehicles from municipal ad valorem taxes for a specified period after annexation. Specifically, the bill states that all real property located in an area annexed by a municipality will be exempt from these taxes for a span of 12 months after the annexation date. Furthermore, it extends this exemption to motor vehicles registered at an address within the newly annexed area, thereby providing tax relief to residents who may be facing additional financial burdens due to municipal taxation post-annexation.

Contention

Notable points of contention surrounding SB2467 may arise from differing opinions on the balance between facilitating growth in annexed regions while ensuring that local governments retain adequate funding to provide essential services. Critics may argue that tax exemptions could lead to poorly planned developments in areas lacking the infrastructure to support sudden population increases. Proponents, however, believe that easing the tax burden right after annexation can lead to long-term economic benefits for both the new residents and the municipality.

Companion Bills

No companion bills found.

Previously Filed As

MS SB2027

Municipal ad valorem taxes; exempt real property and motor vehicles in an annexed area for 12 months after annexation.

MS HB1375

Municipal annexation; require additional services to annexed area to be completed within three years of annexation decree.

MS HB375

Ad valorem taxation; exempt real property.

MS SB2014

Ad valorem taxes; consider annexed business "new enterprise" for purpose of eligibility for certain municipal tax exemptions.

MS HB1376

Municipal annexation; restrict collection of ad valorem taxes until certain services are provided by municipality.

MS HB627

Ad valorem tax; revise exemption for university, college, community or junior college foundation property.

MS SB2017

Ad valorem tax; remove exemption for university or community college foundation or federally qualified health center property.

MS SB2923

Ad valorem tax; exempt real and personal property belonging to persons aged 65 years or older.

MS SB3094

Ad valorem taxation; exempt property used for housing and providing services to victims of domestic violence and sexual assault.

MS HB1379

Municipal annexation; require an election be held in the proposed annexed territory.

Similar Bills

MS SB2809

Municipal ad valorem taxes; exempt real property and motor vehicles in an annexed area for 12 months after annexation.

MS SB2027

Municipal ad valorem taxes; exempt real property and motor vehicles in an annexed area for 12 months after annexation.

MS SB2190

Municipal ad valorem taxes; exempt real property and motor vehicles in an annexed area for 12 months after annexation.

MS SB3125

Business taxes; eliminate inventory tax and personal property tax on business, and set annual local privilege tax at $10 total.

MS HB1656

Strengthening Troop Retention for our National Guard (STRONG) Act; create.

MS HB1588

Ad valorem tax; exempt motor vehicle owned by unremarried surviving spouse of law enforcement officer/employee who died while in performance of official duties.

MS HB640

Ad valorem tax; exempt motor vehicle owned by unremarried surviving spouse of law enforcement officer/employee who died while in performance of official duties.

MS SB2766

Ad valorem tax; exempt one vehicle per teacher in shortage areas, and discount tax on one vehicle per teacher in other areas.