Property Tax Alert: Mississippi

November 2005

The Mississippi Tax Commission has published guidelines regarding possible property tax relief for homeowners and owners of businesses whose property was damaged or destroyed by Hurricane Katrina. Such relief granted by a county board of supervisors would apply to 2005 property taxes due to be paid prior to February 1, 2006. Under Mississippi law, a board of supervisors may change, cancel, or reduce an assessment when a storm has destroyed the property or has caused it to depreciate in value. The Board may also take into consideration any insurance proceeds that will be received by the property owner as a result of damage to the property. Because businesses pay taxes on some personal property, the insurance proceeds from losses to personal property should be taken into account by the board of supervisors when making any adjustment to an assessment giving relief to the owner of a business.

Please contact Rash & Associates for more information.