MS HB1568

Increases homestead exemption for persons age 65 or older or totally disabled from $7,500 to $10,000 of assessed property value, effective January 1, 2010.

Creates two separate exemption schedules based on whether counties have completed updated Class I property valuations as of January 1, 2001; counties with updated valuations receive the higher exemption amounts.

For counties with updated valuations, the exemption table for qualified homeowners increases from a maximum of $240.00 to $300.00 based on assessed homestead value.

Splits exemption benefits equally between school district and county general fund ad valorem taxes.

Does not affect any tax claims, assessments, appeals, or liens accrued before the effective date of January 1, 2010.