(1) As used in this section, the following words and phrases have the meanings ascribed in this subsection unless the context clearly requires otherwise:(a) “Blighted” means a property located in Mississippi that is declared by the governing authorities of the municipality or county in which the property is located to be unsafe, due to the physical condition of the property, to an extent that the property is an economic burden on the community that cannot be expected to be reversed absent redevelopment. Blighted property includes, but is not limited to: buildings in which it is unsafe or unhealthy for persons to live or work; conditions that prevent or substantially hinder the viable use or capacity of buildings or lots; and depreciated or stagnant property value.(b) “Clerk” means the municipal clerk or county chancery clerk, as the case may be.(c) “Department” means the Mississippi Department of Revenue.(d) “Developer” means any person, firm, corporation, authority, partnership or other entity who constructs, repairs, renovates, and/or procures the construction, repair, or renovation of property such as buildings and other facilities, but who was not the owner of the property when it was sold for taxes.(e) “Eligible property” means tax forfeited property located in Mississippi that has been certified to the state, has been declared as blighted, and will be offered or used for residential or business purposes.(f) “Secretary” means the Mississippi Secretary of State’s Office.(g) “Tax assessor” means the tax assessor of the county in which the eligible property is located.
(a) “Blighted” means a property located in Mississippi that is declared by the governing authorities of the municipality or county in which the property is located to be unsafe, due to the physical condition of the property, to an extent that the property is an economic burden on the community that cannot be expected to be reversed absent redevelopment. Blighted property includes, but is not limited to: buildings in which it is unsafe or unhealthy for persons to live or work; conditions that prevent or substantially hinder the viable use or capacity of buildings or lots; and depreciated or stagnant property value.
(b) “Clerk” means the municipal clerk or county chancery clerk, as the case may be.
(c) “Department” means the Mississippi Department of Revenue.
(d) “Developer” means any person, firm, corporation, authority, partnership or other entity who constructs, repairs, renovates, and/or procures the construction, repair, or renovation of property such as buildings and other facilities, but who was not the owner of the property when it was sold for taxes.
(e) “Eligible property” means tax forfeited property located in Mississippi that has been certified to the state, has been declared as blighted, and will be offered or used for residential or business purposes.
(f) “Secretary” means the Mississippi Secretary of State’s Office.
(g) “Tax assessor” means the tax assessor of the county in which the eligible property is located.
(2) (a) The secretary, in conjunction with the department, shall establish a program to provide incentive payments for developers to develop eligible property such as buildings and other facilities and to place such developed property into use, which will increase the value of the property and promote economic development and the public interest.(b) A developer desiring to participate in the incentive program established under this section must submit an application to the secretary. The application must contain a development plan that provides:(i) A description of:1. The property to be developed;2. The purpose or purposes for which the property is being used at the time the application is submitted;3. Evidence that the property has been declared blighted;4. The type of work the developer will perform as part of development of the property, the purpose or purposes for which the property will be placed into use after development, and whether the development of such property will be complete before being placed into use, or developed in phases and placed in use in phases before development is complete;5. The budget to perform the development; and(ii) Any other information requested by the secretary.(c) The secretary shall review an application and determine whether the developer is eligible to participate in the incentive program. If the secretary approves the developer for participation in the program, the secretary shall issue a certificate of participation to the developer for the development plan. The secretary also shall provide a copy of the certification of participation and development plan to the clerk.(d) After receipt of a certificate of participation and development plan under paragraph (c) of this subsection, the tax assessor shall certify the assessed value of the property to be developed under the development plan according to its most recently determined assessed value. For purposes of this section, the assessed value is the original assessed value of the property. Each year thereafter, the tax assessor shall certify the assessed value of the property described in the development plan, and for purposes of this section, this assessed value shall be known as the current assessed value of the property.
(a) The secretary, in conjunction with the department, shall establish a program to provide incentive payments for developers to develop eligible property such as buildings and other facilities and to place such developed property into use, which will increase the value of the property and promote economic development and the public interest.
(b) A developer desiring to participate in the incentive program established under this section must submit an application to the secretary. The application must contain a development plan that provides:(i) A description of:1. The property to be developed;2. The purpose or purposes for which the property is being used at the time the application is submitted;3. Evidence that the property has been declared blighted;4. The type of work the developer will perform as part of development of the property, the purpose or purposes for which the property will be placed into use after development, and whether the development of such property will be complete before being placed into use, or developed in phases and placed in use in phases before development is complete;5. The budget to perform the development; and(ii) Any other information requested by the secretary.
(i) A description of:1. The property to be developed;2. The purpose or purposes for which the property is being used at the time the application is submitted;3. Evidence that the property has been declared blighted;4. The type of work the developer will perform as part of development of the property, the purpose or purposes for which the property will be placed into use after development, and whether the development of such property will be complete before being placed into use, or developed in phases and placed in use in phases before development is complete;5. The budget to perform the development; and
1. The property to be developed;
2. The purpose or purposes for which the property is being used at the time the application is submitted;
3. Evidence that the property has been declared blighted;
4. The type of work the developer will perform as part of development of the property, the purpose or purposes for which the property will be placed into use after development, and whether the development of such property will be complete before being placed into use, or developed in phases and placed in use in phases before development is complete;
5. The budget to perform the development; and
(ii) Any other information requested by the secretary.
(c) The secretary shall review an application and determine whether the developer is eligible to participate in the incentive program. If the secretary approves the developer for participation in the program, the secretary shall issue a certificate of participation to the developer for the development plan. The secretary also shall provide a copy of the certification of participation and development plan to the clerk.
(d) After receipt of a certificate of participation and development plan under paragraph (c) of this subsection, the tax assessor shall certify the assessed value of the property to be developed under the development plan according to its most recently determined assessed value. For purposes of this section, the assessed value is the original assessed value of the property. Each year thereafter, the tax assessor shall certify the assessed value of the property described in the development plan, and for purposes of this section, this assessed value shall be known as the current assessed value of the property.
(3) (a) Beginning with the first year that property in a development plan is developed and placed into use for which it is developed, whether completely or in phases, and subject to ad valorem taxation based on such use, any amount by which the current assessed value of the property exceeds the original assessed value shall be known as the enhanced assessed value of the property for the purposes of this section.(b) For property in a development plan for which development is complete when the property is first placed into use after development, the tax assessor shall certify annually the amount of the enhanced assessed value of the property to the municipality and county for the first year that the property is placed into use and subject to ad valorem tax based on that use and for each of the next succeeding four (4) years. For each year of these years, the clerk shall remit annually to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the enhanced assessed value of the property.(c) For property in a development plan that is developed in phases and placed into use in phases:(i) 1. The tax assessor shall certify annually the amount of the enhanced assessed value of the property to the municipality and county for the first year of those years that the property is placed into use and subject to ad valorem tax based on that use and for each of the next succeeding years that the property is developed and placed into use in phases until the development is complete and the property is placed into use for which it was developed; and2. The clerk shall:a. For the first year of the years described in item 1 of this subparagraph (i), remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the enhanced assessed value of the property for such year; andb. For each year of the succeeding years after the first year described in item 1 of this subparagraph (i) through the first year after the development of the property is complete and the property is subject to ad valorem tax based on the use for which it was developed, remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the amount of any increase of the enhanced assessed value of the property for the applicable year from the enhanced assessed value of the property for the immediately preceding year.(ii) After such property has completed development according to a development plan and has been placed into use for which it was developed, the tax assessor shall certify annually the amount of the enhanced assessed value of the property to the municipality and county for the first year that the property is placed into use and subject to ad valorem tax based on that use and for each of the next succeeding four (4) years. For each of those years, the clerk shall remit annually to the secretary an amount equal to the revenue derived from the ad valorem tax levied by the municipality or county, as the case may be, for general fund purposes on the enhanced assessed value of the property.(d) The secretary shall deposit the funds received from the clerk under this subsection (3) into the special fund created in subsection (4) of this section.
(a) Beginning with the first year that property in a development plan is developed and placed into use for which it is developed, whether completely or in phases, and subject to ad valorem taxation based on such use, any amount by which the current assessed value of the property exceeds the original assessed value shall be known as the enhanced assessed value of the property for the purposes of this section.
(b) For property in a development plan for which development is complete when the property is first placed into use after development, the tax assessor shall certify annually the amount of the enhanced assessed value of the property to the municipality and county for the first year that the property is placed into use and subject to ad valorem tax based on that use and for each of the next succeeding four (4) years. For each year of these years, the clerk shall remit annually to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the enhanced assessed value of the property.
(c) For property in a development plan that is developed in phases and placed into use in phases:(i) 1. The tax assessor shall certify annually the amount of the enhanced assessed value of the property to the municipality and county for the first year of those years that the property is placed into use and subject to ad valorem tax based on that use and for each of the next succeeding years that the property is developed and placed into use in phases until the development is complete and the property is placed into use for which it was developed; and2. The clerk shall:a. For the first year of the years described in item 1 of this subparagraph (i), remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the enhanced assessed value of the property for such year; andb. For each year of the succeeding years after the first year described in item 1 of this subparagraph (i) through the first year after the development of the property is complete and the property is subject to ad valorem tax based on the use for which it was developed, remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the amount of any increase of the enhanced assessed value of the property for the applicable year from the enhanced assessed value of the property for the immediately preceding year.(ii) After such property has completed development according to a development plan and has been placed into use for which it was developed, the tax assessor shall certify annually the amount of the enhanced assessed value of the property to the municipality and county for the first year that the property is placed into use and subject to ad valorem tax based on that use and for each of the next succeeding four (4) years. For each of those years, the clerk shall remit annually to the secretary an amount equal to the revenue derived from the ad valorem tax levied by the municipality or county, as the case may be, for general fund purposes on the enhanced assessed value of the property.
(i) 1. The tax assessor shall certify annually the amount of the enhanced assessed value of the property to the municipality and county for the first year of those years that the property is placed into use and subject to ad valorem tax based on that use and for each of the next succeeding years that the property is developed and placed into use in phases until the development is complete and the property is placed into use for which it was developed; and2. The clerk shall:a. For the first year of the years described in item 1 of this subparagraph (i), remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the enhanced assessed value of the property for such year; andb. For each year of the succeeding years after the first year described in item 1 of this subparagraph (i) through the first year after the development of the property is complete and the property is subject to ad valorem tax based on the use for which it was developed, remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the amount of any increase of the enhanced assessed value of the property for the applicable year from the enhanced assessed value of the property for the immediately preceding year.
1. The tax assessor shall certify annually the amount of the enhanced assessed value of the property to the municipality and county for the first year of those years that the property is placed into use and subject to ad valorem tax based on that use and for each of the next succeeding years that the property is developed and placed into use in phases until the development is complete and the property is placed into use for which it was developed; and
2. The clerk shall:a. For the first year of the years described in item 1 of this subparagraph (i), remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the enhanced assessed value of the property for such year; andb. For each year of the succeeding years after the first year described in item 1 of this subparagraph (i) through the first year after the development of the property is complete and the property is subject to ad valorem tax based on the use for which it was developed, remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the amount of any increase of the enhanced assessed value of the property for the applicable year from the enhanced assessed value of the property for the immediately preceding year.
a. For the first year of the years described in item 1 of this subparagraph (i), remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the enhanced assessed value of the property for such year; and
b. For each year of the succeeding years after the first year described in item 1 of this subparagraph (i) through the first year after the development of the property is complete and the property is subject to ad valorem tax based on the use for which it was developed, remit to the secretary an amount equal to the revenue derived from the ad valorem tax levied for general fund purposes by the municipality or county, as the case may be, on the amount of any increase of the enhanced assessed value of the property for the applicable year from the enhanced assessed value of the property for the immediately preceding year.
(ii) After such property has completed development according to a development plan and has been placed into use for which it was developed, the tax assessor shall certify annually the amount of the enhanced assessed value of the property to the municipality and county for the first year that the property is placed into use and subject to ad valorem tax based on that use and for each of the next succeeding four (4) years. For each of those years, the clerk shall remit annually to the secretary an amount equal to the revenue derived from the ad valorem tax levied by the municipality or county, as the case may be, for general fund purposes on the enhanced assessed value of the property.
(d) The secretary shall deposit the funds received from the clerk under this subsection (3) into the special fund created in subsection (4) of this section.
(4) (a) There is created a special fund in the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. The fund shall consist of those monies deposited under subsection (3) of this section and monies from any other source designated for deposit into the fund. Monies in the fund may be expended by the secretary, upon appropriation by the Legislature, to provide incentive payments to developers as authorized in this section. Unexpended amounts remaining in the fund at the end of a fiscal year may not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund must be deposited to the credit of the fund.(b) The secretary shall allocate and distribute monies in the special fund which are derived from payments made by a clerk related to a certificate of approval for property that is developed according to a development plan and placed into use after development. The secretary shall use monies in the special fund for the purpose of making incentive payments as follows:(i) For property that has completed development according to a plan and the property is purchased by an owner/occupier that is not the developer in the case of a single-family dwelling or is sold or leased to a commercial tenant that is not the developer in the case of a commercial building, the secretary shall disburse to the developer an incentive payment for an amount equal to the amount remitted to the secretary under subsection (3)(b) of this section in each year that the remittances are made, not to exceed an aggregate of twenty-five percent (25%) of the approved budget for the project.(ii) For property that is developed according to a plan in phases and placed into use in phases:1. The secretary shall disburse to the developer for each applicable year an amount equal to the amount remitted to the secretary under subsection (3)(c)(i) of this section; and2. After such property has completed development according to the plan and has been placed into use, the secretary shall deposit an amount equal to the amount remitted to the secretary under subsection (3)(c)(ii) of this section in each year that the remittances are made, not to exceed an aggregate of twenty-five percent (25%) of the approved budget for the project.
(a) There is created a special fund in the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. The fund shall consist of those monies deposited under subsection (3) of this section and monies from any other source designated for deposit into the fund. Monies in the fund may be expended by the secretary, upon appropriation by the Legislature, to provide incentive payments to developers as authorized in this section. Unexpended amounts remaining in the fund at the end of a fiscal year may not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund must be deposited to the credit of the fund.
(b) The secretary shall allocate and distribute monies in the special fund which are derived from payments made by a clerk related to a certificate of approval for property that is developed according to a development plan and placed into use after development. The secretary shall use monies in the special fund for the purpose of making incentive payments as follows:(i) For property that has completed development according to a plan and the property is purchased by an owner/occupier that is not the developer in the case of a single-family dwelling or is sold or leased to a commercial tenant that is not the developer in the case of a commercial building, the secretary shall disburse to the developer an incentive payment for an amount equal to the amount remitted to the secretary under subsection (3)(b) of this section in each year that the remittances are made, not to exceed an aggregate of twenty-five percent (25%) of the approved budget for the project.(ii) For property that is developed according to a plan in phases and placed into use in phases:1. The secretary shall disburse to the developer for each applicable year an amount equal to the amount remitted to the secretary under subsection (3)(c)(i) of this section; and2. After such property has completed development according to the plan and has been placed into use, the secretary shall deposit an amount equal to the amount remitted to the secretary under subsection (3)(c)(ii) of this section in each year that the remittances are made, not to exceed an aggregate of twenty-five percent (25%) of the approved budget for the project.
(i) For property that has completed development according to a plan and the property is purchased by an owner/occupier that is not the developer in the case of a single-family dwelling or is sold or leased to a commercial tenant that is not the developer in the case of a commercial building, the secretary shall disburse to the developer an incentive payment for an amount equal to the amount remitted to the secretary under subsection (3)(b) of this section in each year that the remittances are made, not to exceed an aggregate of twenty-five percent (25%) of the approved budget for the project.
(ii) For property that is developed according to a plan in phases and placed into use in phases:1. The secretary shall disburse to the developer for each applicable year an amount equal to the amount remitted to the secretary under subsection (3)(c)(i) of this section; and2. After such property has completed development according to the plan and has been placed into use, the secretary shall deposit an amount equal to the amount remitted to the secretary under subsection (3)(c)(ii) of this section in each year that the remittances are made, not to exceed an aggregate of twenty-five percent (25%) of the approved budget for the project.
1. The secretary shall disburse to the developer for each applicable year an amount equal to the amount remitted to the secretary under subsection (3)(c)(i) of this section; and
2. After such property has completed development according to the plan and has been placed into use, the secretary shall deposit an amount equal to the amount remitted to the secretary under subsection (3)(c)(ii) of this section in each year that the remittances are made, not to exceed an aggregate of twenty-five percent (25%) of the approved budget for the project.
(5) The secretary and the department shall have all powers necessary to implement and administer the program established under this section, and the secretary shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.