All counties will develop and use an update cycle of four (4) years for reappraisal. Inventory is valued annually January 1st or an average of inventory of the previous twelve (12) months. Depreciation is based on IRS publication number 946 which sets forth economic class lives. The depreciation table bottoms at a twenty percent (20%) good for operating equipment. Salvage value will apply only to equipment, which is not usable. If equipment is operational, it will not be considered salvage. The Assessor may optionally grant an allowance for functional obsolescence. IF the Assessor chooses to grant such an allowance in addition to that already contained within the normal depreciation tables, it must remain within the allowance contemplated in the functional obsolescence tables annually furnished by the STC. Economic Obsolescence must be proved on a case-by-case basis to the Tax Assessor.

If any person shall fail to list for assessment, as required by law, any personal property which is taxable under the laws of the State of Mississippi, or shall intentionally fail to provide the Tax Assessor with any documentation that the Tax Assessor considers necessary to verify the list, the current year assessment shall be i increased by ten percent (10)%).

Freeport Warehouse; Report shall be filed with the Tax Assessor no later than March 31 of each year. Requires the taxpayer to file a Freeport License Application with corresponding fees. Industrial Exemptions may be obtained for new enterprises and existing industries for any improvements or expansions made to their facilities. Any additions, expansions or replacements which have been completed during any calendar year before June 1st of the year immediately following the year for which such exemptions are requested. Separate applications must be filed with the city and county for any expansion, replacement, additional or equipment purchased that may qualify for ad valorem exemptions. The maximum exemption period that can be sought is 10 years and new applications for the above categories may be granted regardless of whether or not a company is currently exempted on a previous project.

May and June.

Objections to assessments are made to the Board of Supervisors at the August meeting each year. The taxpayer should request an informal hearing with the assessor upon receipt of the assessment that is considered as excessive. The failure to obtain the relief requested from the assessor gives the taxpayer the right to file an objection, in writing, with the County Board of Supervisors furnishing the clerk with the grounds for the request for hearing so it can be docketed and preserved with the assessment rolls. The appeal should be filed in July and the hearings of the Board of Supervisors commence on the first Monday in August.

Upon receipt of the assessment.

Any taxpayer aggrieved at the action of the Board of Supervisors in equalization of assessments may appeal to the chancery court, within thirty (30) days of the date of the order of the Commission, at which the approval of the roll by the State Tax Commission is entered. There is no provision for a hearing by the State Tax Commission regarding their equalization and approval of the assessment roll. Relief must be sough through the County Circuit Court. The decision of the County Circuit Court may be further appealed to the State Supreme Court.

Property taxes (Real or Personal) and other special assessments are due and payable by February 1, of each year. Thereafter, a penalty of 1% per month accrues on any unpaid taxes until the tax sale in August of that same year. As a courtesy of this office, your tax collector notifies the land and business owners in Madison County that their taxes are due and payable. Payable in installments: Pay ½ of the total before February 1. Pay ¼ by May 1, with appropriate interest on the part you pay. Pay ¼ by July 1, with appropriate interest on the part you pay.

County, Municipal & School.

The County Assessor has the right to inspect any property, to propound questions, to examine books, records and any documents relating to the ownership or value of property, the right to ascertain the amount of insurance carried and must be provided