Ad valorem tax; revise provisions relating to determining true value of certain land used for agricultural purposes.

HB 964 revises Mississippi's property tax rules for agricultural land owned by nonresident aliens. It requires that land used for farming and owned or controlled in majority part (50% or more) by foreign individuals, foreign-owned businesses, or foreign governments be assessed using standard property valuation methods starting January 1, 2027 - replacing the current agricultural appraisal method. This change affects only agricultural land meeting the "nonresident alien" ownership criteria, not all farmland. The bill defines "nonresident alien" broadly to include foreign individuals, foreign-domiciled entities, and foreign governments, and "majority part" as 50% or more ownership by such entities. The policy shift ensures this land is taxed based on general property value, not agricultural use.