Changes to a section of the Mississippi code could mean that the owners of agricultural land will see a cap on the taxes they pay on that land.
If approved Mississippi House Bill 1340 would change wording in Section 27-35-50 of the Mississippi Code of 1972 so that the true value of agricultural land would be capped at a lower percentage than commercial or residential land. The bill states, “through the year 2018; and for the year 2019 and thereafter, the variation, up or down, from a previous year shall not exceed two percent,” the bill states. The bill does not list a cap on the true value of residential or commercial property.
Pearl River County Tax Assessor Gary Beech is concerned about the possible passage of the bill, which passed the House on Feb. 8, and now heads to the Senate.
Beech said that if the bill is signed by the governor, making it law, then the tax burden would fall on the owners of commercial and residential property. Before that can happen, the bill must be considered by the Senate.
Agricultural land is defined as that which is used to produce crops or other commercial products. Those products can include soil, timber, fruits and livestock, the bill states.