Section 42 ruling to impact tax collections on Coast
Published: October 22,2013
MISSISSIPPI 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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