Agricultural land; impose tax on sale of certain foreign owned.

HB 4033 imposes a 5% tax on the gain from selling agricultural land owned or possessed in majority part (50% or more) by a foreign individual, entity, or government. It directly affects foreign owners of Mississippi farmland who sell their property. The bill also revises how agricultural land value is calculated for property taxes, requiring appraisers to use an income-based method with a 10% capitalization rate and specific moving averages for valuation, excluding government payments and crop insurance.