Miss. Code § 27-35-29
It shall be the duty of each person fixing the value of his property to estimate the same at its true value at the time of valuation, and not what it might sell for at a forced sale, but what he would be willing and would expect to accept for it if he were disposed to sell it. It shall be the duty of the assessor to report, on oath, to the board of supervisors, at the first meeting of the board after completing his roll, or so soon thereafter as possible, a list of all valuations made by owners of property which are in his opinion below the true value of the property, with the names of the parties making the valuations. It shall be the duty of the board to examine the list, and, upon discovery of undervaluation of any property, the board at the meeting for the equalization of the rolls or at any subsequent meeting before final approval of the rolls, shall increase the valuation as it may deem just and proper. In case it shall deem that the undervaluation was made wilfully, to escape the taxation to which the property undervalued is justly liable, to report the facts of each case, with the name of the person or persons by whom made, to the grand jury of the next circuit court of the county.
Miss. Code § 27-35-29