As Amended
SEC. 27-51-20. Contents of assessment schedule; portion of assessment exempt from ad valorem taxation.
(1) Any assessment schedule prepared and adopted by the State Tax Commission pursuant to Section 27-51-19, Mississippi Code of 1972, shall have:
(a) The same depreciation periods and methods of valuation as used in the assessment schedule used for valuation of motor vehicles for the 1993 fiscal year; and
(b) The same assessed value for motor vehicles at the end of such depreciation periods as contained in the assessment schedule used for valuation of motor vehicles during the 1993 fiscal year.
(2) The difference between the assessment of a motor vehicle at true value and the assessment of such motor vehicle under an assessment schedule meeting the criteria established pursuant to subsection (1) of this section, shall be exempt from ad valorem taxation.
SOURCES: Laws, 1993, ch. 604, Sec. 3, eff from and after passage (eff April 19, 1993, without Governor's signature).