Ad valorem taxation; bring forward section of law relating to determination of true value of property.

HB 1469 reorganizes existing Mississippi law (Section 27-35-50) that governs how property values are determined for ad valorem taxation. It specifies that tax assessors must consider different valuation methods (like market data, income capitalization, or cost approaches) based on property type, with special rules for agricultural land (using current use and soil productivity), affordable rental housing (based on net operating income), and port ground leases. The bill directly affects property owners, tax assessors, and local governments by standardizing valuation procedures without changing tax rates. It did not create new taxes but clarified how property values - especially for farms and affordable housing - are calculated for tax purposes.