MS HB12

Homestead property owners would receive an exemption from ad valorem taxes equal to any increase in assessed value up to 5% above the previous year's assessed value

The new exemption applies to both regular qualified homeowners (split equally between school district and county general fund taxes) and those qualifying for the full $7,500 assessed value exemption

The exemption for increases in assessed value is in addition to existing homestead exemptions already provided under Mississippi law

Counties that have completed State Tax Commission-prescribed property valuation updates have higher exemption amounts (up to $300 maximum) compared to counties that have not completed updates (up to $240 maximum)

The new assessed value increase exemption takes effect January 1, 2010, with reimbursements beginning in calendar year 2011