University lands shall not be taxed.

Miss. Code Ann. § 37-115-3
in effect
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The lands and property of the University of Mississippi shall not be subject to state, county or municipal taxation. The buildings and improvements that are or may be erected on any land belonging to the university that has been or may be leased to private persons for the purpose of affording cheap board to the students attending the institution, shall not be subject to taxation.

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