Tax Increment Financing Act; authorize optional taxpayer agreements to provide additional security for obligations under.

New agreements help fund local redevelopment

Beginning July 1, 2026, Mississippi municipalities can make voluntary agreements with property owners or developers in redevelopment areas. Agreements can help pay project costs through payments that replace or add to tax increment revenue, and can last up to 30 years. A recorded agreement can create a lien that ranks with property-tax liens and takes priority over later claims; overdue payments can bring tax-style interest, penalties, and collection costs. Municipalities can issue bonds backed by agreement payments, liens, tax increment revenue, or other private security, but the state and municipality do not guarantee payment. Counties and municipalities can also agree to pledge revenue for debt service, and certain developer-led projects can count the cost of public or private improvements, including buildings.