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Section 42 ruling to impact tax collections on Coast

taxesMISSISSIPPI GULF COAST — A recent state Supreme Court ruling is expected to cost Coast counties, cities and schools more than $6 million in tax revenue. That’s according to Mississippi Coast tax assessors.

The ruling pertains to how counties calculate the value of Section 42 or federally subsidized tax-credit housing for tax purposes.

The Sun Herald reports Jackson County Tax Assessor Benny Goff delivered the bad news to the Board of Supervisors yesterday.

Goff explained that tax-credit housing, built on the Coast after Hurricane Katrina, is a way for the federal government to help private companies build subsidized apartment complexes that offer lower rent to low-income people.

The Supreme Court ruling is holding tax assessors to state taxing rules that say a county should not include the subsidy in the value.

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