27 31 101 2025

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The document is a resolution by the Board of Supervisors of County, Mississippi, granting a ten-year exemption from ad valorem taxes to a specified company, as authorized by state law. The resolution outlines the approval process, conditions for the exemption, and the necessary documentation required for certification by the Mississippi State Tax Commission.

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Click ‘Get Form’ to open the 27 31 101 document in the editor.
Begin by filling in the name of the company seeking tax exemption in the designated field. Ensure accuracy as this is crucial for processing.
Next, provide the completion date of the expanded enterprise. This date should reflect when the project was finalized.
Indicate the start and end dates for the tax exemption period, ensuring they align with the ten-year duration specified in the resolution.
Complete any additional fields that require verification documentation, confirming authenticity and correctness of your application.
Finally, review all entries for accuracy before saving or exporting your completed form for submission to relevant authorities.

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What is ad valorem in simple terms?

Ad valorem is a Latin phrase that translates to according to the value. The essential characteristic of ad valorem tax is that it is proportional to the value of the underlying asset, unlike a specific tax, where the tax amount remains constant, irrespective of the underlying assets value.

What is exempt from ad valorem taxation?

These exempt properties generally include property owned by nonprofit entities, religious organizations, and governments. Also, some states and local governments will give exemptions for certain groups. For example, if a homestead exemption exists, a property owner will not pay taxes on their primary home.

What is the ad valorem exemption in Mississippi?

Rather, state law simply exempts the homeowner from ad valorem taxes for up to $7,500 in assessed value. In other words, a home with a true value of $75,000 or less would be exempt from all property taxes (municipal, school district, and county).

Do property taxes go down when you turn 65 in Mississippi?

Are elderly persons or disabled persons exempt from property taxes? Persons 65 years or older and persons who are totally disabled, who are otherwise eligible for homestead exemption, are exempt from taxes on the first $75,000 of true value on their home.

What is the ad valorem tax on vehicles?

Ad Valorem taxes are based on the assessed value of items such as personal property or real estate. The most common ad valorem tax is for things such as car registration fees. In most states your registration fees will be based on either your vehicles value or the weight of the vehicle.

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