MS HB1562

Amends Section 27-33-75 of Mississippi Code to provide complete ad valorem tax exemption on homestead property for veterans with service-connected total disability who have been honorably discharged from military service, effective January 1, 2010.

For counties that have updated Class I property valuations as of January 1, 2001, increases the homestead exemption for qualified homeowners from $6,000 to $7,500 of assessed value, with half the exemption applied to school district taxes and half to county general fund taxes.

Provides that veterans meeting the total disability and honorable discharge requirements receive a complete exemption from all ad valorem taxes on homestead property rather than the standard tiered exemption table that applies to other qualified homeowners.

Preserves all existing ad valorem tax claims, assessments, appeals, and liens that accrued before the effective date of the act.

Takes effect January 1, 2010.