Ad valorem tax; exempt portion of increase in true value of property under certain conditions.

HB 1850 creates a property tax exemption for Mississippi homeowners and property owners whose assessed value increases by more than 5% in a single year starting in 2026. Specifically, the portion of a property's value exceeding a 5% annual increase is exempt from ad valorem (property) taxes, but this exemption does not apply to value increases from construction, renovations, or improvements - except those enhancing energy efficiency, safety, or access. It also excludes the first year when a property's use or classification changes (e.g., from residential to commercial). The bill applies to all property types and adds this exemption to existing tax breaks without altering how property value is calculated.